Good news for those who use a vehicle for business purposes and are frustrated by the sky-high cost of gas! Starting July 1, 2022, the IRS is increasing the standard mileage rate for business use to 62.5 cents (from 58.5 cents for Jan. 1 – June 30, 2022) per mile. The rate for medical use and moving will rise to 22 cents (from 18 cents), but the charitable use rate of 14 cents will remain the same. As before, taxpayers may use either the standard rate per mile or actual expenses when deducting vehicle use costs on their federal tax return.
