The Internal Revenue Service (IRS) has released the standard mileage rates for 2024, reflecting an adjustment in the reimbursable costs of operating an automobile for different use cases. The new rates show an increase from the previous year, adapting to the evolving economic landscape and vehicle operating costs.
2024 IRS Mileage Reimbursement Rates
The updated rates for 2024 are as follows:
- Business Use: The rate has been set at 67 cents per mile, a 1.5-cent increase from the 2023 rate. This rate is applicable for automobiles used for business purposes, including cars, vans, pickups, and panel trucks.
