The Internal Revenue Service recently announced an increase in the optional standard mileage rate for the final 6 months of 2022 in recognition of recent gasoline price increases. For the first 6 months of 2022, the rate has been 58.5 cents per mile. For the period 7/1/22 through 12/31/2022, the new rate will be 62.5 cents per mile.
So for our clients tracking mileage, keeping your mileage tracked separately for the first half of the year from the second half will be important since the rates are different depending on when the miles were driven during the year.
Read more in this IRS News Release here.