Talk of increasing the 2022 standard mileage rate
Democrats in the U.S. House of Representatives have asked IRS Commissioner Charles Rettig to increase the 2022 standard mileage rate used to deduct the cost of operating a vehicle for business purposes. The legislators cited the rise in gasoline prices in the months since the IRS issued the latest rates as a reason to increase the mileage deduction. In December 2021, the IRS set the 2022 standard mileage rate for business at 58.5 cents per mile. The lawmakers noted that in the proceeding months, the average cost of gas “has increased by nearly a dollar per gallon.” It’s not without precedent that the IRS adjusts the standard mileage rate in response to high gas prices. Stay tuned.
Posted May 18, 2022