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 mileage rate determined?
The mileage rate is determined by the IRS and is based on various factors including the cost of operating a vehicle.
Can I use this rate for personal travel?
No, the standard mileage rate is only applicable for business-related travel, not personal use.
What if I use my car for both business and personal?
You can only deduct the business portion of your mileage. Keep a log to separate business and personal miles.
Are there any exceptions to this rate?
Yes, there are exceptions, such as for certain types of vehicles or specific situations. It's best to consult the IRS guidelines.
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