Standard Mileage Rate 2024. On december 14th, 2023, the irs announced the 2024 irs standard mileage rate as 67 cents. Page last reviewed or updated:
Mileage rate increases to 67 cents a mile, up 1.5 cents from 2023. In 2023, the irs set the standard mileage rates at 65.5 cents per mile for business, 14 cents per mile for charity, and 22 cents per mile for medical and moving purposes.
The Irs 2024 Mileage Rates For Using A Vehicle For Business Purposes Are:
The internal revenue service (irs) has released the optional standard mileage rate for 2024.
This Rate Reflects The Average Car Operating Cost, Including Gas, Maintenance, And Depreciation.
The charitable rate is not indexed and remains 14 cents per mile.
What Is The Federal Mileage Reimbursement Rate For 2024?
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The Standard Business Mileage Rate Increases By 1.5 Cents To 67 Cents Per Mile.
The 2024 standard mileage rate is 67 cents per mile, up from 65.5 cents per mile last year.
The Irs Sets A Standard Mileage Rate Each Year To Simplify Mileage Reimbursement.
The irs increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 67 cents per mile driven, up 1.5 cents from 2023.