IRS releases 2023 standard mileage rates

The IRS recently released guidance (Notice 2023-3) providing the 2023 standard mileage rates for taxpayer use in deducting costs of operating automobiles for business, charitable, medical or moving expense purposes.

Notable rates are listed below: 

• The 2023 standard mileage rate will be 65.5 cents per mile, up from 62.5 cents per mile last year.
• The 2023 medical or moving rate will remain at 22 cents per mile. In June 2022, the IRS raised the rate to 22 cents from 18 cents.
• The charitable rate will remain at 14 cents.
• The maximum standard automobile cost for computing the allowance under a fixed and variable rate plan will be $60,800 in 2023 (up from $56,100 in 2022).

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