IRS Raises Standard Mileage Rate for Second Half of 2022 – Did You Know?
In recognition of the recent rise in gas prices, the IRS has announced an increase to the optional standard mileage rate for the second half of 2022. For January 1 through June 30 of this year, the rate is set at 58.5 cents per mile. The rate will then rise to 62.5 cents per mile for the period from July 1 through December 31.
Note that the standard rate of 14 cents per mile for eligible charitable activities will not change.