New standard mileage rates for business, charitable, medical and moving have been set by the IRS for 2022. With across-the-board increases, here are the new rates:
- Business – 58.5 cents per mile
- Medical & Moving – 18 cents per mile
- Charitable – 14 cents per mile
Due to increased fuel and insurance costs, the new rates have been raised. However, the portion of the business mileage rate (attributable to depreciation) is 26 cents per mile in 2022, unchanged from 26 cents per mile in 2021.
The IRS Mileage Rate Covers:
- Identical rate applies to all automobiles, including cars, vans, pickup trucks and panel trucks.
- Mileage rates include variable vehicle operation costs (gas, oil, tires, maintenance & repairs, plus insurance, registration, depreciation and/or lease payments.
IRS Mileage Rate Does Not:
- Include the cost of parking and tolls.
- Vary by geography.
- Allow taxpayers to deduct personal use of vehicle.
HR Workplace Services, Inc. (HRWS) partners with the nation’s top insurance brokers and agencies providing their clients with best-in-class services for support and HR concerns, compliance and technology. HRWS operates in all 50 States and in over 25 different countries, serving organizations from three to 200,000 employees in 545 SIC Codes.
If you have questions about HRWS, call or email us directly or ask your insurance broker about us.