TAX TIP – STANDARD MILEAGE RATE FOR 2022
Many small business owners use the standard mileage deduction in order to calculate deductible expenses. For the tax year 2022, the standard mileage rate changed mid-year and as a result, we will need your business miles split into the corresponding time frames:
- January 1 to June 30, 2022 – 58.5 cents per mile driven for business purposes
- July 1 to December 31, 2022 – 62.5 cents per mile driven for business purposes
In addition to the number of business miles driven for each of the above portions of the year, we will also need the total number of miles driven in 2022 for the vehicle as well.