The Internal Revenue Service recently issued the revised standard mileage rate which is used to calculate the deductible costs of operating an automobile for business purposes during 2023.
Beginning January 1, 2023, the standard mileage rate for the use of a car for business purposes is 65.5 cents per mile for business miles driven – an increase of 3 cents per mile over the 2022 mid-year adjusted rate. The standard mileage rate is based on an annual study of the fixed and variable costs of operating an automobile.
Churches that follow an accountable reimbursement plan should use the new rate to budget expenses for 2023.
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