Fueled by rising gas prices, the optional standard mileage rate will jump for the rest of this year, effective July 1.
For the second half of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year, the IRS announced.
The new rate for deductible medical or moving expenses for active-duty members of the military will be 22 cents for the remainder of 2022, up 4 cents from the rate at the start of the year. The 14 cents-per-mile rate for charitable organizations, set by statute, remains unchanged.