IRS Announces New Mileage Rate For 2023

In December 2022 the Internal Revenue Service issued the standard mileage rates for 2023.

Starting January 1, 2023, the rates for using a car, van, pickup or panel truck will be:

• 65.5 cents per mile for business
• 22 cents per mile for medical or moving purposes for active-duty members of the Armed Forces
• 14 cents per mile for charitable purposes

The rates listed above apply to gasoline, diesel powered vehicles, as well as electric and hybrid electric vehicles.

As a taxpayer you have the option to use standard mileage rates listed above or actual expenses plus depreciation on the vehicle but can not use both. Once the method is chosen on a vehicle you must use that same method for that vehicle as long as you use it for business purposes.

If you would like to speak to one of our tax specialists, please call: 1 (866) 760-0940 or send a note to nicole.brown@brixeyandmeyer.com to setup a time to speak.