If you are keeping track of your travel expenses for your taxes, the IRS has made an update to the standard mileage rate for the final 6 months of 2022.
From January 1st through the end of June, the standard mileage rate has been 58.5 cents per mile. As of July 1st, that rate will increase 4 cents to 62.5 cents per mile.
For Medical or Moving expenses – available to active-duty members of the military, the rate will increase from 18 cents per mile to 22 cents per mile.
The IRS normally updates mileage rates in the fall for the upcoming year, but due to the recent gasoline price increases, the IRS made this special adjustment for the final months of 2022.
The rate for charitable miles driven will remain at 14 cents per mile through the year.
If claiming the mileage on your taxes, be sure to document your miles driven to provide proof as needed.
