New standard mileage rates announced for 2023!

The IRS announced earlier this month that it has increased the optional #StandardMileageRate used to calculate the deductible costs of operating a vehicle for business. The new rate, effective January 1, 2023, will be 65.5 cents per mile driven, which is an increase of 3 cents from the unusual mid-year increase we saw in 2022.

For full information, including deductible amounts for miles driven in service of charitable organizations, medical, or moving purposes for members of the armed forces, read the full article from Journal of Accountancy linked here: