IRS Mileage Rate 2023

IRS mileage rates for 2023 have not been released yet, and it is a bit early to expect the release of standard mileage rates for 2023. In general, the mileage rates for the upcoming year are updated in December. The best time to learn the new mileage rates will be at the end of the year.

On the other hand, you can still use mileage rate calculators, which can provide you with estimations about the new rate by evaluating certain data.

As you might remember, the IRS announced on June 9, 2022, that they were increasing the standard mileage rate from 58.5 cents to 62.5 cents per mile. This increase also increased the reimbursement of taxpayers and it will be valid until December 31, 2022.

In December, the IRS will announce whether they will keep the standard mileage rate the same or increase it again. In our opinion, considering the financial developments, we expect another increase in the mileage rate. However, it is worth noting that this is just our opinion. We need to wait until December to learn the IRS mileage rate for 2023.

On the other hand, when we check the mileage rates of previous years, there is a common pattern. For one year, the mileage rates are increased for two years, and for the next two years, these rates are dropped. However, 2023 can be an exception since the overall economy of the United States is not as good as it used to be.

It is worth noting that there are multiple mileage rates for different industries. These are meaningful, charitable, medical, and business. Here are the mileage rates for, 2020, 2021, and 2022 for different industries:

IRS Mileage Rate 2023 TaxUni

IRS Business Mileage Rates

  • 2020 – Dropped by $0.0050
  • 2021 – Dropped by $0.0150
  • The first half of 2022 – Increased by $0.0250
  • The second half of 2022 – Increased by $0.0400

IRS Charitable Mileage Rates

  • 2020 – $0.1400
  • 2021 – $0. 1400
  • The first half of 2022 – $0. 1400
  • The second half of 2022 – $0. 1400

IRS Medical Mileage Rates

  • 2020 – Dropped by $0.0300
  • 2021 – Dropped by $0.0100
  • The first half of 2022 – Increased by $0.0200
  • The second half of 2022 – Increased by $0.0400

IRS Moving Mileage Rates

  • 2020 – Dropped by $0.0300
  • 2021 – Dropped by $0.0100
  • The first half of 2022 – Increased by $0.0200
  • The second half of 2022 – Increased by $0.0400

When you check the previous data of mileage rates, apart from the charitable mileage rate, all other mileage rates have the same pattern; they increase for two consecutive years and then drop for two consecutive years. Thus, we believe these mileage rates will increase in the upcoming year. However, it is not because of the pattern but of the current economic condition of the United States.

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