The IRS has released (Announcement 2022-13) revisions to the 2022 standard mileage rates. The rates are used to determine the deductible costs of using a vehicle for business, charitable, medical, or moving purposes. The new rates are effective July 1, 2022. The increased rates are a revision to Notice 2022-03, which is still effective for travel from January 1st through June 30th. The mid-year special adjustment is in recognition of gasoline price increases.
The new rates are as follows, compared to the original 2022 rates:
This means taxpayers will need to provide their mileage separately for the two halves of the year when they organize their 2022 tax information.