USA Ups Mileage Deduction As Gasoline Prices Continue To Climb
At least one branch of government feels your pain at the pump. Not some fast-talkin’ suave politician with bad hair, but the faceless, nameless Uncle of all Uncles, the IRS.
Starting July 1st 2022 and running through the end of 2022, the IRS is increasing the standard mileage rate you can use if you claim mileage expenses while using your car for business.
Currently, that standard mileage rate is 58 and a half cents per mile.
The IRS is raising it a whopping 4 cents for the last 6 months of 2022.
So, it will be 62 and a half cents per mile from July 1st 2022 to December 31st 2022.
And for the IRS to do this mid-year is rare. The last time it did this it was 2011.
It’s for taxpayers who use their vehicle for work or business and don’t want to keep track of actual expenses, so they just use the standard mileage deduction.
No break for charitable organizations though, you get the same 14 cents per mile you are getting now.
Woman driving a car.
Photo from alpha Media Portland OR