June 21, 2022
On June 9, the Internal Revenue Service issued an announcement, increasing the optional standard mileage rate – used to deduct eligible business trips in a vehicle on tax returns – for the final six months of 2022 from 58.5 cents per mile to 62.5 cents per mile.
The new rate will be effective beginning July 1 through Dec. 31, 2022.
The old rate of 58.5 cents per mile will remain in effective through June 30.
The midyear change is unusual, prompted by record high gas prices at the pump.
[Jason Resnick is senior vice president and general counsel of Western Growers.]
Source: Western Growers, which is solely responsible for the information provided and is wholly owned by the source. Informa Business Media and all its subsidiaries are not responsible for any of the content contained in this information asset.
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