What is the standard mileage rate for 2023?
An example of an AI chatbot conversation about the standard mileage rate for tax deductions.
What is the standard mileage rate for 2023?
The standard mileage rate for 2023 is 65.5 cents per mile driven for business purposes.
How is the standard mileage rate determined?
The IRS sets the standard mileage rate based on various factors, including the cost of operating a vehicle.
Can I use the standard mileage rate for personal trips?
No, the standard mileage rate is only applicable for business-related travel, not personal trips.
What records do I need to keep for mileage deductions?
You should keep a log of your business miles, including dates, destinations, and purpose of the trips.
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