IRS Raises 2024 Mileage Rate to 67 Cents per Mile
The IRS has released the standard mileage rates for 2024, with the rate for business use increasing to 67 cents per mile, up 1.5 cents from 2023. The rates for medical or moving purposes for qualified active-duty members of the Armed Forces have decreased to 21 cents per mile, while the rate for charitable organizations remains unchanged at 14 cents per mile. Taxpayers have the option to use the standard mileage rate or calculate actual expenses, but certain deductions for unreimbursed employee travel expenses and moving expenses are no longer allowed under the Tax Cuts and Jobs Act.