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IRS Mileage Rate for 2024 is 67 cents per mile

Businesses and individuals who rely on their vehicles for work-related travel will be impacted by changes in the IRS mileage rate. The IRS periodically adjusts the standard mileage rate to reflect the true costs of operating a vehicle for business purposes. In 2024, there’s a notable increase that will have implications for those who use their cars for work-related activities. The IRS mileage rate for business miles in 2024 has been increased to 67 cents per mile.

These rates apply to electric and hybrid-electric automobiles as well as gasoline and diesel-powered vehicles. The standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile. It is important to note that under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses.

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