The IRS has changed the mileage rate midyear as a reaction to the spiking cost of fuel. Be prepared to give us the mileage in each of the (2) periods listed below when we are preparing the tax returns.
The rates for travel from January 1-June 30, 2022 are:
- Business rate is 58.5 cents per mile (up from 56 for 2021). The depreciation portion of this rate is 26 cents per mile (same as for 2021).
- Charitable rate is 14 cents per mile (same as for 2021).
- Medical and moving rate is 18 cents per mile (up from 16 for 2021).
The rates for travel on or after July 1, 2022 are::
- Business rate is 62.5 cents per mile. The depreciation portion of this rate is still 26 cents per mile.
- Charitable rate is 14 cents per mile.
- Medical and moving rate is 22 cents per mile.