On June 9, 2022, the Internal Revenue Service announced that it has increased the 2022 mileage rates for the last six months of the year in response to high gasoline prices. The new mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate that has been effective since the beginning of 2022. The new rate for deductible medical or moving expenses, which is available for active-duty members of the military, will be 22 cents, also up 4 cents from the effective rate at the start of the year. The mileage rate that applies to the deduction for charitable contributions remains fixed by the Internal Revenue Service at 14 cents per mile. These new rates will become effective on July 1, 2022.
Elizabeth M. Siefker is an attorney at Fraser Trebilcock in the trusts and estates practice group focusing on business planning, estate planning, and elder law. You can reach her at email@example.com, or at 517.377.0801.