BulldogTom Posted June 7, 2022 Report Posted June 7, 2022 Several years ago, when the price of gas spiked like this, the IRS made a mid year adjustment to the mileage rate. Wonder if they will do it again? I wonder if we will get to $1 per mile soon on the mileage rate. Tom Longview, TX 1 Quote
Lion EA Posted June 7, 2022 Report Posted June 7, 2022 I've heard from one of my professional groups that the IRS is considering a mid-year mileage adjustment. That will be so much fun breaking out mileage (that clients pull out of the air anyway) into the before rate and the after rate. I use MileIQ, so I have the my dates, and urge my clients to use it or a similar app or notes on their calendar (paper or electronic) or a paper log, but we all know which ones will not follow our directions. 4 Quote
TexTaxToo Posted June 9, 2022 Report Posted June 9, 2022 Announced today: https://www.irs.gov/newsroom/irs-increases-mileage-rate-for-remainder-of-2022 The revised standard mileage rates are: (1) Business 62.5 cents per mile (2) Medical and moving 22 cents per mile The revised rates apply to mileage on or after July 1, 2022. 1 Quote
Max W Posted June 9, 2022 Report Posted June 9, 2022 Only a 10% increase???? It should be more like 60%, or 90cts. Quote
Abby Normal Posted June 9, 2022 Report Posted June 9, 2022 18 minutes ago, Max W said: Only a 10% increase???? It should be more like 60%, or 90cts. 6 cent increase would make sense. 3.50/gal / 25 mpg = 14 cents per mile 5.00/gal / 25 mpg = 20 cents per mile 1 Quote
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