Cars are important because we need transportation from place to place all throughout the day!! Some independent contractors use their car for work purposes. If this applies to you…then you will be happy that the IRS increased the federal mileage rate for the final 6 months of 2022. According to IRS.gov, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective at the start of 2022.
These new rates became effective July 1, 2022; mileage driven during the first six months of 2022 are still subject to the old rate of 58.5 cents per mile. Since fuel prices are up, at least this can be viewed as a positive! Remember, every little bit helps!! If you would like to read more about the mileage rates and how they have changed, the following link will be very helpful!!
https://www.irs.gov/newsroom/irs-increases-mileage-rate-for-remainder-of-2022
If you have any questions, give us a call at 606-585-0131, we are here to help you!
The Darlings