An important change in 2023 for those who deduct their mileage: The IRS has boosted its deductible mileage rates. The standard miles rates applies to autos operated for some business, charitable, medical or moving purposes.
, boosting the optional standard mileage rate from 58.5 cents per mile to 62.5 cents as the national average price for a gallon of gas topped $5. The agency acknowledged the rare mid-year change was made “in recognition of recent gasoline price increases,” the agency said.
The new rate applies to gasoline and diesel-powered vehicles, as well as electric and hybrid-electric models. According to the IRS, the standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating a vehicle. The rate for medical and moving purposes is based only on the variable costs.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates, the IRS said. If you purchase a product or register for an account through one of the links on our site, we may receive compensation.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New IRS tax brackets take effect in 2023, meaning your paycheck could be biggerHigher tax brackets announced by the IRS in October are set to take effect this year, potentially allowing more Americans to shield their income from the government.
Read more »
Phase Zero: Episode 3x01: 2023 MCU Movie & TV Preview Show on Apple Podcasts2023 MCU preview episode of PhaseZeroCB just dropped. 5 Marvel movies & 5 Marvel shows with special guest AshCrossan, host of Marvel's Hall H panel at SDCC! Download & subscribe- Apple: Spotify: YouTube:
Read more »
Interest rates on mortgages, cars, and credit cards will go up in 2023: FedWe just got confirmation that interest rates on mortgages, cars, and credit cards will keep getting more expensive in 2023
Read more »
Asia-Pacific markets trade lower as region kicks off 2023Markets in Asia traded lower as most of the region kick off trading sessions for the year.
Read more »
2023 looks good for the market — especially for one 'extremely attractive' asset class: Fund managerStocks and bonds could rally 10% next year, says Jay Hatfield of Infrastructure Capital Advisors, who explains why he's more optimistic than many strategists.
Read more »
Hopes for 2023 include calm, love, peace, health and acceptanceNJ Advance Media asked people in downtown Cranford to share their hopes yesterday. Hears what some of them said.
Read more »