The IRS issued its 2024 standard mileage rates, which are higher than the 2023 rates. The 2024 rate is 67 cents per mile. It is an optional standard rate used to calculate the deductible costs of operating a vehicle for medical, business, charitable, or moving purposes.
The new mileage rate went into effect on January 1, 2024. It applies to electric and hybrid-electric models, as well as gas- and diesel-powered vehicles, . For additional details on the increase, view the full announcement: Issue Number IRS-2023-239.
