July through December 2022

The Internal Revenue Service 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 six months of 2022, the standard mileage rate for business travel will be .625 cents per mile, up 4 cents from the rate effective at the start of the year.

This new rate becomes effective July 1, 2022. The IRS provided legal guidance on the new rates at www.irs.gov, issued June 9, 2022.