December 21, 2021
The IRS has released (Notice 2022-03) the 2022 standard mileage rates. The rates are used to determine the deductible costs of using a vehicle for business, charitable, medical, or moving purposes. The new rates are effective January 1, 2022.
The new rates are as follows, compared to the 2021 rates:
For taxpayers who use a vehicle for business purposes, the amount of the standard mileage treated as depreciation is 26 cents per mile. This amount is unchanged from 2021. For those who use a fixed and variable rate plan, the maximum standard automobile cost that may be used in computing the allowance is $56,100. This amount was $50,400 in 2021.
This is a roundup of tax news and opinion. Any opinions expressed or implied are those of the author and not necessarily those of Eide Bailly. Opinions found in linked items are those of the authors of the linked item, not of your bloggers or of Eide Bailly. “$” means link may be behind a paywall. Items here do not constitute tax advice.