IRS ANNOUNCES STANDARD MILEAGE RATES FOR 2024
The IRS has released it’s annual optional standard mileage rates for 2024. The standard mileage rate is used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning January 1, 2024, the optional standard mileage rates are as follows:
- 67 cents per mile driven for business use (up 1.5 cents from 2023)
- 21 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces (down 1 cent from 2023)
- 14 cents per mile driven in service of charitable organizations
The standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs. The charitable rate is set by statute. These rates apply to electric and hybrid-electric vehicles as well as gasoline and diesel-powered vehicles.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
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