IRS Announces Midyear Increase to Mileage Reimbursement Rate

This summer, the IRS announced a mid-year increase to the optional standard mileage to help taxpayers using their personal vehicles for business and certain other purposes. Effective July 1, 2022, the reimbursement rate will increase 4 cents to 62.5 cents per mile. Medical and moving expense rates will also see an increase of four cents to 22 cents.

Midyear increases have not been implemented since 2011, but the IRS made a special adjustment due to the recent spike in gasoline prices.

If you have questions about the mileage rate increase, visit the IRS website or contact Kruggel Lawton.