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The standard mileage rate is now $0.655 cents per mile, an increase of $0.03 cents from the last increase in June 2022. The IRS provided a mid-year raise in 2022 due to the rising cost of gas and inflation rates. The current 2023 mileage rates are as follow: $0.655 cents per mile is the standard mileage rate.
In this scenario, lets also assume the company is using the 2023 standard IRS mileage rate of 65.5 cents per mile. Below is a simple reimbursement calculation using this rate: reimbursement amount = miles * rate. $131.00 = 200 miles * 65.5 cents.
How Does the IRS Determine the IRS Standard Mileage Rate? ing to the IRS, The standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile. These costs include both fixed and variable mileage expenses.
How does a mileage reimbursement work? To cover employee vehicle costs incurred as part of the job, an employer pays a cents-per-mile rate to employees. The standard mileage rate for 2023 is 65.5 cents per mile, as set by the IRS.
More In Tax Pros PeriodRates in cents per mileSourceBusiness202365.5IR-2022-2347/1/2022-12/31/202262.5IR-2022-1241/1/2022-6/30/202258.5IR-2021-25112 more rows Mar 29, 2023

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The 2023 IRS mileage rates are: 65.5 cents per mile for business purposes. 22 cents per mile for medical and moving purposes. 14 cents per mile for charitable purposes.
The standard mileage rate is now $0.655 cents per mile, an increase of $0.03 cents from the last increase in June 2022.
The standard mileage rate for transportation or travel expenses is 65.5 cents per mile for all miles of business use (business standard mileage rate).

Related links

2016 Publication 535

Jan 19, 2017 may be able to use the standard mileage rate to figure your deduction. Beginning in 2016, the standard mileage rate is 54 cents per mile.

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Mileage Reimbursement - Financial Services | Duke

2016 IRS Mileage Allowance. December 16, 2015. The standard mileage rate for 2016 will change to 54 per mile for business miles driven effective Jan 1, 2016.

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Standard Mileage Rates | Internal Revenue Service

Mar 29, 2023 The following table summarizes the optional standard mileage rates for employees, self-employed individuals, or other taxpayers to use in

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