For 2023, the IRS’ mileage rates are $0.655 per mile for business, $0.22 per mile for medical or moving, and $0.14 per mile for charity. You must meet certain requirements and Nerdwallet helps walk you through the process.
If you have not made your tax appointment yet, please give us a call so we can get it scheduled. I look forward to helping you with your taxes this year.
Bob Donica
Source: NerdWallet | Repost RE Donica & Associates 3/30/2023 –
For 2023, the IRS’ mileage rates are $0.655 per mile for business, $0.22 per mile for medical or moving, and $0.14 per mile for charity.
You must meet certain requirements and itemize your taxes to deduct mileage. If you qualify to deduct mileage, the IRS mileage rate is a way to calculate how much to reduce your taxable income.
What are the IRS mileage rates for 2023?
In 2023, the IRS mileage rates are 65.5 cents per mile for business, 14 cents per mile for charity and 22 cents per mile for medical and moving purposes.
Your tax deduction depends on how you use your vehicle. If you’re self-employed or work as a contractor, you might be able to deduct the cost of the use of your car for business purposes. Commuting to work is generally not deductible mileage.
How to calculate a mileage deduction
There are two options for calculating the deduction for the business use of your vehicle.
1. Standard mileage deduction
This is the most straightforward way of calculating your driving expense: simply multiply the number of business miles by the IRS mileage rate. However, you’ll need keep a record of your business-related mileage.
