By SEMA Washington, D.C., Staff
The Internal Revenue Service has set the standard business-mileage deduction at 65.5 cents per mile for 2023, up 3 cents from the previous midyear increase, which set the rate for the second half of 2022. The mileage calculation includes the cost of fuel, along with other vehicle fixed and variable operating expenses, such as depreciation, insurance, tires etc. These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.
Companies and individuals who use their automobiles (including vans, pickups, and panel trucks) for business have the option of using the standard rate in lieu of keeping records of their actual expenses.
For more information, contact Eric Snyder at email@example.com.