Those who qualify will save a little more in taxes thanks to a midyear change.
Chris Kissell • June 10, 2022 • Advertising Disclosure
The IRS has just offered a gift to millions of drivers who are suffering from ever-rising gasoline costs.
Taxpayers who take the standard mileage rate deduction on their tax return for the miles they log as part of their business will be able to use a figure of 62.5 cents per mile for the last six months of 2022. That is up 4 cents from the rate effective for the first six months of the year.
In addition, drivers who take the standard mileage rate deduction for medical- or moving-related reasons can take a deduction of 22 cents per mile starting in July. That is up from 18 cents during the first six months of the year.
The unusual midyear change is intended to offer some relief to taxpayers caught in an inflationary spiral that shows few signs of easing. In a press release, Chuck Rettig, IRS commissioner, says:
“The IRS is adjusting the standard mileage rates to better reflect the recent increase in fuel prices. 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.”
Only those who qualify for the standard mileage rate deduction can take it. The IRS offers more information about how to qualify for the following uses at its website:
Also, the standard mile rate deduction tied to driving in the service of a charitable cause is not changing. It remains 14 cents for the entire year. That is because this rate is fixed by statute.
This is the first midyear increase the IRS has made to the standard mileage rate deduction since 2011.
Taking the standard mileage rate deduction is just one method of getting a tax break for qualifying expenses. Eligible taxpayers can choose instead to calculate the actual costs of using their vehicle and deduct that amount.
To learn about other federal income tax breaks, check out:
Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.
Like Article Add a Comment
Simple ways to make, save, and grow your money daily:
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Every week our podcasts bring you lively money discussions that will give you a few laughs along with advice that will make you richer.
Some of our favorite stories for you to read next.
Join our many free newsletter subscribers building wealth and destroying debt:
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Do Not Sell My Personal Information
© 2022 Money Talks News. All Rights Reserved. 1 (833) 669-8557 | 1732 1st Ave #26661, New York, NY 10128
Advertising Disclosure: This site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.
Help us produce more money-saving articles and videos by subscribing to a membership.
Help us produce more money-saving articles and videos by subscribing to a membership.
Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.
Please enable JavaScript to view comments.
Join our happy subscribers and sign up for our free newsletter! You'll get:
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.