What are the recent changes to the mileage rate?
An example of an AI chatbot conversation about mileage rate changes and their implications.
What are the recent changes to the mileage rate?
The IRS recently updated the standard mileage rate for business use to 65.5 cents per mile for 2023.
How does this change affect my tax deductions?
This increase means you can deduct more for business miles driven, potentially lowering your taxable income.
Are there different rates for medical or charitable purposes?
Yes, the mileage rates for medical purposes are 22 cents per mile, and for charitable purposes, it's 14 cents per mile.
When do these rates take effect?
The new rates took effect on January 1, 2023, and will apply for the entire year.
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