Changes are coming to the standard mileage rates in 2022. The IRS has announced the new optional standard rates for the new year. These rates are used to determine deductions when it comes to driving a vehicle for business use, as well as for medical, moving and charitable purposes.
Motorists will see rate increases almost across the board next year. Make note of these new numbers before hitting the road in 2022. These rates go into effect on January 1, 2022:
- 58.5 cents per mile for business use. This is 2.5 cents increase from last year.
- 18 cents per mile is the figure for medical or moving purposes for qualified active-duty members of the Armed Forces. This is up 2 cents over last year.
- The only rate left unchanged is the one set for miles driven for charitable organizations. This still sits at 14 cents.
Deducting miles traveled for any of these purposes is not a cut and dry matter. The same goes for miles accumulated when moving. Some restrictions apply, especially thanks to the Tax and Jobs Act. Please visit the IRS website for more specifics and reach out to us with any questions you may have. We would be happy to assist you.