Stacy Jensen No Comments

The IRS has issued an increase to their standard mileage rate, beginning on January 1, 2023. The standard mileage rates for the use of a car (and vans, pickups etc.) is 65.5 cents per mile driven for business use. This is up 3 cents from the unusual midyear increase setting the rate for the second half of 2022.

The standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile. Keep in mind that this is an optional rate for private sector employers. We tend to see the majority of businesses match the IRS standard mileage rate.