On June 9, 2022, the IRS announced that it is revising the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining the reimbursed amount of these expenses that is deemed substantiated. This modification is in response to recent increases in the price of fuel.
The revised standard mileage rates are:
- Business: 5 cents per mile
- Medical and moving: 22 cents per mile
The mileage rate that applies to the deduction for charitable contributions is fixed by Internal Revenue Code §170(i) at 14 cents per mile.
The revised standard mileage rates apply to deductible transportation expenses paid or incurred for business, medical, or moving expense purposes on or after July 1, 2022.
For the first half of the year (January 1, 2022 through June 30, 2022), the rates are 58.5 cents per mile (business) and 18 cents per mile (medical and moving), You can visit the IRS website for additional information.
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