Effective January 1, 2023, the IRS has issued its annual notice that updates the allowable 2023 standard mileage rates for business use of vehicles. For 2023, the standard mileage rate for transportation or travel expenses is 65.5 cents per mile for all miles of business use (business standard mileage rate). This is an increase of 3 cents over the rate that was in place previously for the second half of 2022 (62.5 cents per mile).
There is no change to the mileage deduction rate for the use of an automobile for moving (only allowed in very limited situations) and for medical care which is allowed at 22 cents per mile.
Also unchanged, the charitable mileage rate remains at 14 cents/mile.
Please contact your Wegner CPA advisor if you have questions on how to implement this change or how to better track your business related mileage.
