The IRS has issued Its standard mileage rates for 2024, marking an increase. The rate is now 67 cents per mile, which is 1.5 cents higher than the 2023 rate. This optional standard mileage rate is used to calculate the deductible costs of operating a vehicle for business, moving, charitable, or medical purposes.
The new mileage rate will go into effect on January 1, 2024. Rates apply to gas- and diesel-powered vehicles, as well as electric and hybrid-electric models. For additional details on the increase, view the full announcement: Issue Number IRS-2023-239.
