Posted on 06/09/2022 3:17:01 PM PDT by DFG
WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 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 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective at the start of 2022. These new rates become effective July 1, 2022. The IRS provided legal guidance on the new rates in Announcement 2022-13PDF, issued today.
In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2022. The IRS normally updates the mileage rates once a year in the fall for the next calendar year. For travel from Jan. 1 through June 30, 2022, taxpayers should use the rates set forth in Notice 2022-03PDF.
"The IRS is adjusting the standard mileage rates to better reflect the recent increase in fuel prices," said IRS Commissioner Chuck Rettig. "We are aware a number of unusual factors have come into play involving fuel costs, and we are taking this special step to help taxpayers, businesses and others who use this rate.”
(Excerpt) Read more at irs.gov ...
How generous of them.
Up 4 cents?? What a bunch of .............
How can they do that without an act of congress?
A measles 4cents?
Gee thanks.
Why the hell don’t they suspend the gas tax?
Because Congress has delegated most their powers to Democrat union bureaucrats.
Fairness is not the goal or purpose of the tax codes. Raising money is.
$0.04/mile x 20 miles/gal = $0.80 per gallon increase.
To that I say “Ok, that takes care of the past week, what about next week?”
Let’s Go Bernard!
Yeah, aren’t we lucky to have these parasites looking out for us?
They might make out better by using actual gas used....and forget about the wear and tear factor.
I was just wondering about the reimbursement rate a couple of days ago, in light of Joeflation.
Mighty white of them.
It ought to be 40 cents.
It ought to be increased by 40 cents/mile.
Maybe, but the problem with that is unless you have kept all your fuel receipts, the first half is gone.
With the kind of cars they are making now and the super high depreciation it should be a dollar.
Very few cars are worth anything after 6 years. Plastic just doesn’t stand the test of time.
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