Will the Standard Mileage Rate Increase for 2022? Yes, it Will.

The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 58.5 cents. The increased tax deduction partly reflects the price of gas. On Dec. 21, the national average price of a gallon of regular gas was $3.29, compared with $2.22 a year earlier, according to AAA Gas Prices. This mileage rate is useful if you don’t want to keep track of actual vehicle-related expenses. But you still must record certain information, such as the mileage, date and destination for each trip.’

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If you want to talk to us about your personal tax situation, please email us via our contact page and visit our website at www.ablonco.com.

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