As of January 1, the standard mileage rates for 2023 are as follows:
These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.
If you use your personal car for business purposes, you may be able to deduct the cost of owning and maintaining the vehicle. Generally, the deduction is based on either the standard mileage rate above or actual costs, such as gas, oil, repairs insurance, and registration fees.
To utilize the standard mileage rate, the following must apply:
Remember, under the Tax Cuts and Jobs Act, taxpayers can't claim a miscellaneous itemized deduction for unreimbursed employee travel expenses. The same applies for a deduction for moving expenses unless a member of the Armed Forces on active duty and moving under orders to a permanent change of station.
01/11/2023
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