2023 Mileage Rate Increase

The IRS has released its regularly scheduled announcement for the annual increase in the standard mileage rate (Notice 2023-03). The 2023 mileage rate is now 65.5 cents per mile. The standard mileage rate is up three cents from the rare IRS announcement last summer to increase the rate mid-year. So, all these changes amount to a total increase of seven cents from the rate released last January. The 65.5 cent standard mileage rate is effective as of January 1, 2023. Click here for additional information.