The IRS has increased mileage rates effective July 1, 2022.
|Rate per Mile||July 1, 2022 thru Dec 31, 2022||Jan 1, 2022 thru Jun 30, 2022|
|Business||62.5 cents||58.5 cents|
|Medical||22 cents||18 cents|
|Charitable||14 cents||14 cents|
What this means for you:
As always, you should supply a detailed mileage log to your tax professional.
If you are an individual that tracks your mileage based on your beginning and ending odometer reading, then you will need to supply the odometer reading as of July 1 as well.
Please keep in mind that the IRS requires a contemporaneous mileage log in the case of an audit.
Read more about it here: https://www.irs.gov/newsroom/irs-increases-mileage-rate-for-remainder-of-2022