IRS Announces 2023 Standard Mileage Rates
On December 29, 2022 the Internal Revenue Service issued IR-2022-234. This annual document announced the OPTIONAL 2023 standard mileage rates for business, medical and moving expenses.
What does this mean to your business?
- The rate for business miles is 65.5 cents cents per mile, up 3 cents from the midyear increase setting the rate for the second half of 2022.
- 22 cents per mile driven for medical or moving purposes, consistent with the increased midyear rate set for the second half of 2022.
- 14 cents per mile driven in service of charitable organizations; the rate remains unchanged from 2022.
When entering mileage, an employee has the option of entering an odometer change, miles driven or can calculate the distance driven by using Google Maps directly from our application. When the miles driven are calculated by any of the above options, the rate set up for your company is multiplied automatically to provide you the total mileage amount.
How to update the mileage rates for your business?
The Company Owner or Admins can easily update the mileage rates on or after January 1, 2023, by following these 4 simple steps.