IRS Announces Increased Mileage Rate As of July 1, 2022

The IRS recently announced on that beginning on July 1, 2022, the standard mileage rate will increase for the use of a car, van, pickup or panel truck. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.

The new rates are as follows:
62.5 cents per mile for business miles driven
22 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations