The Internal Revenue Service (IRS) has updated the optional standard millage rates for 2023. The rate is commonly used as a default metric to reimburse employees for business travel.
 
The rate for 2023 is 65.5 cents per mile driven, up 3 cents from the last increase in June 2022.
 
The rate applies to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.
 
Read the full release at https://bit.ly/3XeAgB0.