December 21, 2023

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.

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