The standard mileage rate for miles driven for business use will rise to 58.5 cents per mile for 2022. The Internal Revenue Service this week that is up 2.5 cents per miles from 2021.
The raise per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces will also rise. It will increase by 2 cents per mile this year to 18 cents per mile next year.
Taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses and only members of the Armed Forces on active duty moving under orders to a permanent change of station can claim the moving rate.
Taxpayers have the option of calculating the actual costs of using their vehicle, but ust use it in the first year the car is available for business use. In later years, they can choose either the standard mileage rate or actual expenses.
s
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind