The business mileage rate is increasing by 4 cents, to 62.5 cents per mile, while the medical and moving mileage is also increasing by 4 cents, to 22 cents per mile, for the final six months of 2022. The previous rates of 58.5 cents for business mileage and 18.0 cents for medical and moving mileage still apply for the first six months of 2022.
In recognition of the recent spike in gas prices, the IRS made this special adjustment for the second half of 2022. The IRS normally updates the mileage rates once a year in November or December for use during the subsequent year.
“We are aware a number of unusual factors have come into play involving fuel costs, and we are taking this special step to help taxpayers, businesses and others who use this rate,” said IRS Commissioner Chuck Rettig in an IRS press release.