By Andrew Keshner
The annual increase comes after a rare mid-year increase last year
The Internal Revenue Service is making deductibles for work-related driving costs a little more generous for 2023.
Come tax time, eligible taxpayers rely on the tax agency’s standard mileage rate to determine the deductible costs of using an automobile for work purposes.
For 2023, the rate is climbing three cents to 65.5 cents per mile, the IRS recently announced.
The IRS announcement on standard mileage rates is a yearly event. But as gas prices broke records last year, the tax agency made a rare mid-year increase to the rate.
Gas prices, on average, are back at less painful prices. Wednesday’s national average was $3.26, versus $3.28 one year earlier, AAA data showed But rising inflation is still pinching many wallets
Most employees commuting to their job cannot use the deduction, H&R Block (HRB) noted. But the…
