The IRS announced today that the standard mileage rate for the second half of 2022 will be $0.625/mile, up from $0.585/mile. As the IRS notes:
In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2022. The IRS normally updates the mileage rates once a year in the fall for the next calendar year. For travel from Jan. 1 through June 30, 2022, taxpayers should use the rates set forth in Notice 2022-03.
“The IRS is adjusting the standard mileage rates to better reflect the recent increase in fuel prices,” said IRS Commissioner Chuck Rettig. “We are aware a number of unusual factors have come into play involving fuel costs, and we are taking this special step to help taxpayers, businesses and others who use this rate.”
If you use the standard mileage rate, you will need to correctly report your business mileage for each half of the year. I strongly suggest you take a picture of your odometer at the end of the day on June 30th (or the beginning of the day on July 1st) and email that to yourself so you can prove to the IRS your total mileage for each half of the year.
The official IRS Announcement is here.
Tags: MileageRates