Federal Tax, Tax

Mileage Rates for the Business Use of a Vehicle Has Risen

The IRS has issued the 2023 optional cents-per-mile rates used to calculate the tax deductible costs of operating a vehicle. Effective Jan. 1, 2023, the standard mileage rate for the business use of a car (including vans, pickups, and panel trucks) is 65.5 cents per mile. (This is up from 58.5 cents per mile for the first half of 2022 and 62.5 cents per mile for second half of 2022.) The 2023 rate for medical or eligible moving purposes is 22 cents per mile. (For 2022, the medical and moving rate was 18 cents per mile for first half of the year and 22 cents per mile for the second half.) For charitable driving, the 2023 rate is 14 cents per mile (unchanged from 2022).  Contact us for more information. © 2022