2023 Mileage Rates Are Here

Jan 27, 2023 | Small Business, Taxes

Tax Smart Advisors Blog: 2023 Mileage Rates

The 2023 mileage rates have been announced by the IRS…

  • Standard business mileage increased to 65.5 cents per mile.
  • Medical and moving mileage remain at 22 cents per mile.
  • Charitable mileage stays at 14 cents per mile.

Whether you track your mileage on paper or use an app, the following items need to be recorded in your log:

  1. Date of your business trip.
  2. Your starting point and destination.
  3. The trip’s purpose.
  4. Your vehicle’s starting mileage (at starting point of trip).
  5. Your vehicle’s ending mileage (at destination).
  6. Other costs related to your trip – tolls, parking fees, gas.

Have questions? Contact us today!