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IRS Issues Standard Mileage Rates for 2024

IRS Issues Standard Mileage Rates for 2024

Medicare Medicaid Private Duty

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.

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