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- To calculate mileage deduction for 2023, you can use the standard mileage deduction method12. Here are the steps to calculate the deduction:
- Total up your miles.
- Multiply that number by the IRS mileage rate for business. The IRS mileage rate for business in 2023 is not yet available, but it is $0.56 per mile for 2021 and $0.575 per mile for 2022.
- The result is your deduction.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Business/Self-Employed Tax Deductions
- Total up your miles. For this example, your total is 500 business miles.
- Multiple that number by the $0.655 standard mileage rate for business.
www.gobankingrates.com/taxes/deductions/mileag…Calculating standard mileage vs. actual expenses for business
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