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Midyear Mileage Rate Increase
Midyear Mileage Rate Increase
The pain of the gas pump has gotten so bad that the IRS wants to help with a midyear mileage rate increase (Yes its only 4 cents . . .). Translation: larger tax deduction for business and medical mileage. Midyear mileage rate changes are rare. . .
New IRS Mileage rate effective July 1, 2022 for mileage incurred From July 1 to December 31, 2022:
Business 62.5 cents per mile
Medical 22 cents per mile
Charity 14 cents per mile
Mileage rate for miles driven from January 1 to June 30, 2022 rate:
Business 58.5 cents per mile
Medical 18cents per mile
Charity 14 cents per mile