IRS Increases Mileage Rate for Second Half of Year

Jun 20, 2022 | Resources for Funeral Homes

Starting from July 1, 2023 there will be new mileage rates as announced by the IRS.The Internal Revenue Service earlier this month announced an increase in the optional standard mileage rate for the final six months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.

For the final 6 months 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 new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective at the start of 2022. These new rates will become effective July 1, 2022. The IRS provided legal guidance on the new rates in Announcement 2022-13 PDF, issued earlier this month.

Full details can be read on the IRS website and download below.

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