IRS Boosts Standard Mileage Rates for the Rest of 2022

If you use the standard mileage rate for business use of your vehicle or reimburse based on business mileage driven, take note that effective July 1st, the federal standard reimbursement rate has increased by four cents to $0.625 per mile. The standard mileage rate for costs of using an automobile as a medical or moving expense has also increased to 22 cents per mile.

A mid-year change is unusual, but not unheard of, as the IRS has made similar moves in past years with rapid increases in fuel costs. If you track your mileage on an annual basis, ensure that you track your use prior to and after the effective date separately.