The IRS has released the 2023 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes.
The following chart reflects the new 2023 standard mileage rates compared to the 2021 and 2022 standard mileage rates.
Each year, a number of provisions in the Internal Revenue Code (IRC) are adjusted for inflation.
The IRS recently released the inflation adjusted amounts for 2023. The following chart highlights a number of these adjustments, as they compare to the 2022 amounts.
