Anyone who tracks mileage to deduct business usage of their own car needs to track miles from the first six months separately from the last six months of 2022.
The IRS announced this month that for the final six months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. Anyone who tracks mileage to deduct business usage of their own car needs to track miles from the first six months separately from the last six months of 2022.
The IRS states that "while fuel costs are a significant factor in the mileage figure, other items enter into the calculation of mileage rates, such as depreciation and insurance and other fixed and variable costs."
Rates 1/1 - 6/30: Business 58.5, Medical/Moving 18, Charitable 14
Rates 7/1 - 12/31: Business 62.5, Medical/Moving 22, Charitable 14
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