The IRS issued Notice 2022-03 showing the updated calculations for optional standard mileage rates of operating an automobile for business, charitable, medical or moving purposes. This notice went into effect January 1st, 2022.

A quick breakdown of these calculations are below and can be found on the official IRS website:

• 58.5 cents per mile driven for business use, up 2.5 cents from the rate for 2021,
• 18 cents per mile driven for medical, or moving purposes for qualified active-duty members of the Armed Forces, up 2 cents from the rate for 2021 and
• 14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2021.

As always, please contact our accounting team with any questions at (804) 285-5700 or email us at accounting@simafg.com.

This content is not intended to be exhaustive nor should it be viewed as legal or tax advice. Information presented is believed to be current. It is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid any penalties. You should always consult an attorney or tax professional regarding your specific legal or tax situation.