IRS Announces Standard Mileage Rates to Increase in 2022

On Friday, December 17, 2021 the IRS announced that the rate taxpayers may use to compute deductions for automobile costs for business purposes will increase to 58.5 cents per mile for the 2022 tax year. This is an increase of 2.5 cents per mile from the 2021 rate. Taxpayers may use this business standard rate for their use of an automobile as an ordinary, and necessary business expense.

In addition, the mileage rate for use of an automobile for purposes of medical care will increase to 18 cents per mile, a two-cent increase from the 2021 rate.

For more information, please visit: https://www.journalofaccountancy.com/news/2021/dec/standard-mileage-rates-up-2022.html?utm_source=mnl:alerts&utm_medium=email&utm_campaign=17Dec2021

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