2023 Mileage Rate Increase
The IRS has released its regularly scheduled announcement for the annual increase in the standard mileage rate (Notice 2023-03). The 2023 standard mileage rate is now 65.5 cents per mile. The standard mileage rate is up three cents from the rare IRS announcement last summer to increase the rate mid-year. So, all these changes amount to a total increase of seven cents from the rate released last January. The 65.5 cent standard mileage rate is effective as of January 1, 2023. Click here for additional information.