The IRS has announced the 2024 standard mileage rates. These rates are for calculating the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.

Beginning January 1, 2024, the standard mileage rates for the use of a car (including vans and pickups or panel trucks) are:

  • 67 cents per mile driven for business use, up 1.5 cents from 2023
    • Under the Tax Cuts and Jobs Act, certain itemized deductions, including unreimbursed employee travel expenses, are suspended from 2018 through 2025. Thus, the business standard mileage rate cannot be used to claim an itemized deduction for unreimbursed employee travel expenses during the suspension. 
    • For vehicles utilized for business, the business standard mileage rate’s depreciation component is set at 30 cents per mile for 2024.
  • 21 cents per mile driven for medical, a decrease of 1 cent from 2023. If you used your car for medical reasons, you may be able to deduct the mileage as an itemized deduction.
  • 21 cents per mile for moving purposes for qualified active-duty members of the Armed Forces, a decrease of 1 cent from 2023.
  • 14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2023.

These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.

Update your record keeping now to track your mileage with the new rate for 2024. 

 

 

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