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IRS 2023 Mileage Rate Rises to 65.5 Cents Per Mile

[1]Beginning January 1, 2023, optional standard mileage rates used by the IRS to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes will be:

Under the 2017 Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses. Taxpayers also cannot claim a deduction for moving expenses, unless they are members of the Armed Forces on active duty moving under orders to a permanent change of station. For more details see Moving Expenses for Members of the Armed Forces [2].

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. ¬†If you’d like advice on calculating standard vs. itemized deductions, please contact your ShindelRock tax professional [3].