The IRS issued its standard mileage rates for 2024. The rate has increased by 1.5 cents and is now 67 cents per mile. The purpose of the optional standard mileage rate is to calculate the deductible costs of operating an automobile for business, medical, charitable, or moving needs.
This rate goes into effect on January 1, 2024, and applies to gas- powered, diesel-powered, hybrid-electric, and electric models. For additional details on the increase, view the full announcement: Issue Number IRS-2023-239.
