Updated Standard Mileage Rates for 2024
The IRS issued the new standard mileage rates effective January 1, 2024. The new business use rate is 67¢ per mile. This is up 1.5 cents from 2023.
Additional new standard mileage rates include the following:
- 21 cents per mile driven for medical and moving purposes and
- 14 cents per mile driven in service of charitable organizations.
These rates apply to electric and hybrid-electric automobiles as well.
Please note that under the Tax Cuts and Jobs Act, taxpayers are unable to claim unreimbursed employee travel expenses as a miscellaneous itemized deduction, and deductions for moving expenses are limited to active-duty members of the Armed Forces under orders to a permanent change of station.
If you are interested in learning more about the new standard mileage rate and other business-related items regarding vehicle use for work, please visit the Notice 2024-08 posted on IRS.gov.
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