IRS Bumps Up Mileage Rate for 2022

The IRS has declared the optional standard mileage rate for business travel in 2022 is 58.5 cents per mile. That is a 2.5-cent increase over 2021.

Under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses.

Taxpayers may opt to calculate the actual costs of using their vehicle rather than use the standard mileage rate. They must first use the standard rate for a year.