New Rates for 2023 Released

The Internal Revenue Service Service has announced the new 2023 mileage rates.  The optional 2023 standard mileage rate for business, medical, and other uses of an automobile is 65.5 cents per mile. This is a 3-cent increase from the 62.5-cent rate that was set during the second half of 2022.

With the higher standard mileage rate now in effect for 2023, Sheldon Bookkeeping is urging clients to use the QuickBooks mileage tracker, which is included with each version of the QuickBooks Online subscriptions.  

The QuickBooks Mileage Tracking App is a fast an easy way to log business use of a vehicle.  (This is particularly useful for real estate accounting clients.)

You can learn more about the QuickBooks Mileage Tracking app here.