The IRS Standard Mileage Rate Increases Continue in 2023
With gas prices reaching record highs during 2022, the IRS adjusted mileage rates to provide some relief for miles driven for the following purposes: business, medical, and/or charity.
At the launch of 2023, the IRS increased the standard mileage rates as follows:
- Business miles – From 62.5 cents per mile (effective 7/1/22) to 65.5 cents per business mile driven.
The following to note, but remains unchanged from the IRS update made effective 7/1/22:
- Medical – 22 cents per mile driven for medical or moving purposes (moving purposes only for qualified active-duty members of the Armed Forces)
- Charitable – 14 cents per mile driven in service of charitable organizations
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- Reminders to our clients:
- There is always the option of calculating actual costs rather than using the standard mileage rates.
- Leased […]
- Reminders to our clients: