Mileage deduction up

IRS has increased the standard business mileage deduction rate for 2023 from 62.5 cents to 65.5 cents per mile in the wake of continued inflation.

This figure represents an additional 3 cents per mile since mid-2022 and is a 7-cent increase from January 2022.

Notice of the increase was announced Dec. 29 and is applicable to gasoline and diesel powered vehicles as well as electric and hybrid cars and trucks.

Deduction for miles driven in service of charitable organizations remains unchanged at the previous rate of 14 cents per mile.

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