IRS Increases Standard Mileage Rates for Last Half of 2022 For World Fuel Services Employees

Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, and moving expense purposes for the second half of 2022. The standard mileage rate for computing the deductible costs of operating an automobile for charitable purposes is set by statute and remains unchanged.

For July 1, 2022, to December 31, 2022, the standard mileage rates are as follows:

• Business use of auto : Our World Fuel Services clients may find this particularly beneficial. 62.5 cents per mile (up from 58.5 cents for January 1, 2022, to June 30, 2022) may be deducted if an auto is used for business purposes. As a World Fuel Services employee, your employer from World Fuel Services may reimburse you for your business travel expenses using the standard mileage rate. However, if World Fuel Services does not reimburse you for your business travel expenses, you cannot currently deduct your unreimbursed travel expenses as miscellaneous itemized deductions.
  
  
• Charitable use of auto : 14 cents per mile (the same as for January 1, 2022, to June 30, 2022) may be deducted if an auto is used to provide services to a charitable organization if you itemize deductions on your income tax return. We'd like our clients from World Fuel Services to note that your charitable deduction may be limited to certain percentages of your adjusted gross income, depending on the type of charity.
  
  

Featured Video

Articles you may find interesting:

Loading...
• 8 Tenets of Choosing a Mutual Fund
• Use of Escrow Accounts: Divorce
• Section 303 Stock Redemption Buy-Sell Agreement
• Medicare Open Enrollment Is Here: How Are Costs Changing for 2023?
• 2022 High Net Worth Tax Planning
• Policy Roadmap
• Section 179 Deductions
• Learn About the Path to Retirement
• Contemplating Change: 7 Key Factors When Considering a Transition from Your Company
• How Are Workers Impacted by Inflation & Rising Interest Rates?
• Lump-Sum vs Annuity and Rising Interest Rates
• Advice for Retirees Trying to Survive a Bear Market
• 5 Most Important Things to do Before Leaving Your Company
• Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
• 8 Tenets of Choosing a Mutual Fund
• Use of Escrow Accounts: Divorce
• Section 303 Stock Redemption Buy-Sell Agreement
• Medicare Open Enrollment Is Here: How Are Costs Changing for 2023?
• 2022 High Net Worth Tax Planning
• Policy Roadmap
• Section 179 Deductions
• Learn About the Path to Retirement
• Contemplating Change: 7 Key Factors When Considering a Transition from Your Company
• How Are Workers Impacted by Inflation & Rising Interest Rates?
• Lump-Sum vs Annuity and Rising Interest Rates
• Advice for Retirees Trying to Survive a Bear Market
• 5 Most Important Things to do Before Leaving Your Company
• Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
• Medical use of auto : 22 cents per mile (up from 18 cents for January 1, 2022, to June 30, 2022) may be deducted if an auto is used to obtain medical care (or for other deductible medical reasons) if you itemize deductions on your income tax return. It's also important that our World Fuel Services clients note that you can deduct only the part of your medical and dental expenses that exceed 7.5% of the amount of your adjusted gross income.
  
  
• Moving expense : 22 cents per mile (up from 18 cents for January 1, 2022, to June 30, 2022) may be deducted if an auto is used by a member of the Armed Forces on active duty to move, pursuant to a military order, to a permanent change of station (unless such expenses are reimbursed). The deduction for moving expenses is not currently available for other taxpayers.

The IRS normally updates the standard mileage rates once a year in the fall for the next calendar year. Mid-year increases in the standard mileage rates are rare — the last time the IRS made such an increase was in 2011.