Is driving a big part of your business? Good news: IRS increases tax-deductible mileage rate. Here's how much you can deduct.

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The annual increase comes after a rare mid-year increase last year.

The Internal Revenue Service is making deductibles for work-related driving costs a little more generous for 2023.

For 2023, the rate is climbing three cents to 65.5 cents per mile, the... The Internal Revenue Service is making deductibles for work-related driving costs a little more generous for 2023. Gas prices, on average, are back at less painful prices. Wednesday’s national average was $3.26, versus $3.28 one year earlier, AAA data showed. But rising inflation is still pinching many wallets.

Even for eligible taxpayers, the rules only apply to work-related trips from the office during work hours to, for example, visit a client, the company noted. The rules do not apply to the initial trips to/from the office.

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