Standard Mileage Rates Announced for 2022

An update for entrepreneurs and small business owners

Standard Mileage Rates Announced for 2022

The IRS released the new mileage rates for next year.

There is a slight increase over the 2021 rates.

The optional standard mileage rate beginning January 1st will be $0.585 per mile. Up 2.5 cents from the 2021 rate

Medical or moving (for active duty military) will be $0.18/mile, up 2 cents.

For service of a charitable organization the rate remains $0.14/mile (this is set by statute).

As in 2021based on the Tax Cuts and Jobs Act employees are still unable to claim unreimbursed mileage as an itemized deduction. Moving expenses are limited to active duty military members relocating due to a permanent change in duty station.

Taxpayers may also choose to calculate based on the business portion of actual expenses. But to elect to use the standard rate it must be used the first year and then they would have the option to choose between the standard or actual in following years.