The IRS recently announced an increase in the standard mileage rates for taxpayers who use this method to deduct their business mileage.
Beginning January 1, 2023 the standard business mileage rate has increased from 62.5 cents per mile to 65.5 cents per mile.
To make sure you are getting the most benefit from the business miles you are driving, we recommend that you use a log, either on paper or electronically, to track your mileage on a daily basis. By doing it daily, it will be easy to determine the correct mileage to use for 2023.
Please contact your tax advisor if you have any questions.