Economic Policies

IRS Increases Deductible Costs for Mileage by 3 Cents per Mile in 2023

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IRS Increases Deductible Costs for Mileage by 3 Cents per Mile in 2023
Heavy traffic moves along the 101 freeway in Los Angeles on Nov. 23, 2022. Mario Tama/Getty Images
The Center Square
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The optional standard rate for deductible costs for operating an automobile for business will increase to 65.5 cents per mile in 2023, a 3-cent increase from the current rate, according to the IRS.

The new rates begin Jan. 1 and apply to electric and hybrid-electric vehicles, gasoline, and diesel-powered vehicles, according to an IRS news release.
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