An important change in 2023 for those who deduct their mileage: The IRS has boosted its deductible mileage rates. The standard miles rates applies to autos operated for some business, charitable, medical or moving purposes.
, boosting the optional standard mileage rate from 58.5 cents per mile to 62.5 cents as the national average price for a gallon of gas topped $5. The agency acknowledged the rare mid-year change was made “in recognition of recent gasoline price increases,” the agency said.
The new rate applies to gasoline and diesel-powered vehicles, as well as electric and hybrid-electric models. According to the IRS, the standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating a vehicle. The rate for medical and moving purposes is based only on the variable costs.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates, the IRS said. If you purchase a product or register for an account through one of the links on our site, we may receive compensation.
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