Mileage Rate For 2024 Irs
Effective january 1, 2024, the business standard mileage rate for use of a car (including vans, pickup trucks and panel trucks) increases from $0.655 to $0.67, and the rate for medical and relocation mileage decreases from $0.22 to $0.21. What is the irs mileage rate for 2024?
On december 14, 2023, the internal revenue service (irs) issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The irs bumped up the optional mileage rate to 67 cents a mile in 2024 for business use, up from 65.5 cents for 2023.
22 Cents Per Mile For Medical And Moving Purposes.
What is the 2024 federal mileage reimbursement rate?
Washington — The Internal Revenue Service Today Issued The 2024 Optional Standard Mileage Rates Used To Calculate The Deductible Costs Of Operating An Automobile For Business, Charitable, Medical Or Moving Purposes.
According to the irs, the mileage rate is set yearly “based on an annual study of the fixed and variable costs of operating an automobile.” here are the mileage rates for the year 2024:
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Why Did The Rate Go Up?
The rate changed from the 2023 rate of 65.5 cents by 1.5 cents.
Mileage Rate Increases To 67 Cents A Mile, Up 1.5 Cents From 2023.
65.5 cents per mile for business purposes.
