The IRS has released the standard mileage rates for 2024, affecting the deductible costs of operating a vehicle for various purposes. The rates, effective from January 1, 2024, are as follows:

• 67 cents per mile for business use (an increase of 1.5 cents from 2023)
• 21 cents per mile for medical or moving purposes for qualified active-duty members of the Armed Forces (a decrease of 1 cent from 2023)
• 14 cents per mile for charitable organizations (unchanged from 2023)

These rates apply to electric, hybrid-electric, gasoline, and diesel-powered vehicles. Taxpayers have the option to calculate actual vehicle costs but cannot claim certain deductions under the Tax Cuts and Jobs Act.

Notice 2024-08 contains the optional 2024 standard mileage rates.