2022 Deductions and Exemptions

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.

Standard Deduction

  • Single: $12,950
  • Joint returns & surviving spouses: $25,900
  • Married filing separately: $12,950
  • Head of household: $19,400

The standard deduction increases by $1,400 for a married taxpayer aged 65 or older or blind ($2,800 if both 65 and blind); by $1,750 for a single taxpayer aged 65 or older or blind ($3,400 if both 65 and blind).

Personal Exemptions: Suspended through 2025

No personal exemption is allowed to an individual who is eligible to be claimed as a dependent on another taxpayer's return.

Need financial accounting advisory services near you?

Get a free consultation to find the right solutions for your business.

© 2024 SYNQMINE LLC. DESIGNED BY STORYPAGES.