Beginning July 1, 2022, the IRS is increasing the standard mileage rate for business use of a vehicle to 62.5 cents per mile. This is a 4-cent increase from the rate of 58.5 cents per mile that took effect in January 2022.
The standard mileage rate for use of a vehicle for a medical or moving expense will increase from 18 cents per mile to 22 cents per mile.
The rate for every mile driven in service of charitable organizations remains at 14 cents per mile.
Need help tracking your mileage? Revisit this blog post where we make recommendations of easy-to-use online tools to track the quantity and types of miles you drive throughout the year.
Questions? We are here to help. Call 215-723-4881 or contact us online.