The IRS recently announced that due to the high costs of fuel, they are increasing the standard mileage rates for the last six months of 2022. Previously, the standard mileage rate was 58.5 cents per mile. Beginning on July 1st and through the end of 2022, that rate will be 62.5 cents per mile.
We know that high fuel costs have been hurting the driver community, and that’s why we advocated for this adjustment.
If you use the standard mileage deduction, this updated rate may help reduce your taxable income, potentially reducing the money you owe for taxes. We recommend talking to a tax advisor about how and whether to take advantage of this adjustment this tax year.
Lyft is continuing to help the driver community offset the cost of gas with a $0.55 fuel surcharge on each ride–100% of which goes directly to drivers. We’re also offering other ways for drivers to get money back into their pockets. In the US, drivers can apply for a Lyft Direct debit card and get 5% cash back on gas through June 30. And most drivers can also get cash back through our Lyft Rewards partnership with Upside.