The Internal Revenue Service has bumped up the 2023 optional standard mileage rates that drivers can use to alleviate the cost of using an automobile for business, charitable, medical or moving expenses.
That represents the third time in the past 12 months that the IRS has increased the mileage rate, having bumped it up by 4 cents, a rare midyear price hike that was fueled by the high price of gas heading into the summer. The mileage rate had already been increased by 2.5 cents per mile back in January 2022, from 56 cents at the end of 2021.
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