With Gas Prices 62 Percent Higher Than Last Year, IRS Raises Mileage Rate

Printed from: https://newbostonpost.com/2022/06/11/with-gas-prices-62-percent-higher-than-last-year-irs-raises-mileage-rate/

By Casey Harper
The Center Square

Motorists are paying gas prices 62 percent higher than last year and the Internal Revenue Service has announced a 7 percent increase in the optional standard mileage rate for the final six months of 2022.

It’s the first time since 2011 the IRS increased the rate in the middle of the year.

Beginning July 1, the standard mileage rate for business travel will be 62.5 cents per mile, an increase of four cents per mile from the 58.5 cents effective on January 1, 2022. The new mileage rate for deductible medical or moving costs will be 22 cents for the remainder of the year, an increase of 4 cents. The rate of 14 cents per mile for charitable organizations remains unchanged as the amount is set by statute.


New to NewBostonPost?  Conservative media is hard to find in Massachusetts.  But you’ve found it.  Now dip your toe in the water for two bucks — $2 for two months.  And join the real revolution.