IRS increases mileage rate for 2023

The IRS announced an increase in the optional standard mileage rate for 2023. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For 2023 the standard rates are:

  • Business travel is 65.5 cents per mile.
  • Medical or moving expenses it is .22 cents per mile.
  • Charitable travel remains at .14 cents per mile.