IRS Announces Standard Mileage Rates for 2024

The Internal Revenue Service issued the 2024 optional standard mileage rates. These rates are used to calculate the deductible costs of operating a car, van, pickup or panel truck for business, charitable, medical or moving purposes. The new rates are listed here:

• For business use, the new rate is 67 cents per mile driven. This is an increase of 1.5 cents from 2023.
• In service of charitable organizations, the rate is 14 cents per mile driven. The rate is set by statute and remains unchanged from 2023.
• For medical or moving purposes (for qualified active-duty members of the Armed Forces only), the new rate is 21 cents per mile driven. This is a decrease of 1 cent from 2023.

These rates apply to electric and hybrid-electric automobiles as well as gasoline and diesel-powered vehicles.

Under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses. Also, taxpayers cannot claim a deduction for moving expenses, unless they are members of the Armed Forces on active duty moving under orders to a permanent change of station.

For additional information about the optional 2024 standard mileage rates, refer to Notice 2024-08 from the IRS.