BulldogTom Posted June 7, 2022 Report Share 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 Link to comment Share on other sites More sharing options...
Lion EA Posted June 7, 2022 Report Share 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 Link to comment Share on other sites More sharing options...
TexTaxToo Posted June 9, 2022 Report Share 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 Link to comment Share on other sites More sharing options...
Max W Posted June 9, 2022 Report Share Posted June 9, 2022 Only a 10% increase???? It should be more like 60%, or 90cts. Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted June 9, 2022 Report Share 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 Link to comment Share on other sites More sharing options...
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