For the third time since 2008, the IRS will enact a midyear mileage rate boost. Just in time for the July 4th holiday, the rates for business-deductible miles traveled on or after July 1, 2022, will increase to 62.5 cents per mile, while the rates for miles for medical- and moving-related expenses will jump to 22 cents per mile.
Prior to the 4 cent per mile raise, the deductible mileage rate for business expenses, which went into effect Jan. 1 of this year, was 58.5 cents per mile.
The IRS cited increases in fuel costs as the reason for all three midyear adjustments. According to the EIA, the national average price per gallon as of this publication was $4.97.
The 4 cent per mile midyear boost represents a 6.8% higher rate for business travel and a 22% increase in the moving and medical rates.
|Purpose||Rates 1/1/22 through 6/30/22 (cents per mile)||Rates 7/1/22 through 12/31/22 (cents per mile)|