IRS Increases Mileage Rate for Remainder of 2022
The IRS has increased the rate to reimburse employees for mileage as of July 1, 2022 for the remainder of the year to $0.625/mile. This is up 4 cents from the previous rate to reflect the increase in fuel prices that we are seeing nationwide.
Examples of mileage reimbursement
The company’s reimbursement policy applies when you use your personal car for:
- Driving to meet clients and customers
- Driving to the bank for business transactions
- Driving to a store to purchase office supplies or equipment
- Driving to the airport for business travel
- Any other business-related trip or errand
It does not apply when you use your car for:
- Commuting to or from work and your home or going out for lunch from the office
- Any extra activities that are not directly related to the business, such as grabbing a coffee while en route to a destination
- Taking a detour to meet a friend or relative while en route a business trip