Federal: IRS Releases Standard Mileage Rates
The IRS has updated their optional standard mileage rate used to calculate the cost of operating an automobile for business purposes. Please note, this mileage rate is an optional standard, it is not required to be followed. However, many businesses opt to follow the IRS rate, and for those who do, please be aware that it is increasing.
Beginning on January 1st, 2024 the standard mileage rates will be as follows:
67 cents per mile driven for business use (this is up from 1.5 cents from 2023)
21 cents per mile driven for medical/moving purposes for qualified active-duty members of the armed forces (this is down one cent from 2023)
14 cents per mile driven in service of charitable organizations (this is unchanged from 2023).
These rates apply to all electric, hybrid, gasoline, or diesel powered vehicles.
For more information, you view the IRS’s announcement here.
Get day-to-day updates on IRS Standard Mileage Rates and other 2024 updates , visit the Vida HR Knowledge Center (Vida HR Clients Exclusive).