IRS MILEAGE RATE INCREASE FOLLOWS PAST

IRS mileage rate increase follows past. The IRS usually sets the standard mileage deduction at the end of each calendar year, as that is when most taxpayers file their tax returns. The rate allows business owners the ability to deduct an expense and lower their taxable income. For only the third time since 2008, the IRS increased the rate, allowing a higher rate for the rest of the year. Starting on July 1, 2022, the standard mileage rate for purposes of deductible business expenses is 62.5 cents per mile, and increase of 4 cents from the 58.5 cents per mile used in the past from January 1, 2022, to June 30th, 2022. The rate for purposes of transportation primarily for, and essential to, a deduction of the cost of medical care under Section 213 also goes up by 4 cents, to 22 cents per mile from 18 cents in the first half of the year. The 18 or 22 cent rate applies to moving expenses (restricted in 2018-2025 to members of the U.S. armed forces on active duty, pursuant to a military order and permanent change of station. IRS mileage rate increase follows past.

The 2008 rate increased from 50.5 cents to 58.5 cents from July 1, 2008, through the end of that year. In 2011, the IRS increased the rate effective July 1, 2011, from 51 cents to 55.5 cents. In all three of the instances of a mid year increase, the IRS cited a big jump in the cost of fuel. This year's increase also comes after two letters from member of Congress to IRS Commissioner Charles Rettig, requesting it because of sharp fuel price increases this year.

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