The IRS has released (Notice 2024-08) the 2024 standard mileage rates. The rates are used to determine the deductible costs of using a vehicle for business, charitable, medical, or moving purposes. The new rates are effective January 1, 2024.
The new rates are as follows, compared to the 2023 rates:
| 2024 | 2023 | |
| Business Use | 67 cents per mile | 65.5 cents per mile |
| Medical and Moving Purposes | 21 cents per mile | 22 cents per mile |
| Charitable Use | 14 cents per mile | 14 cents per mile |
For taxpayers who use a vehicle for business purposes, the amount of the standard mileage treated as depreciation is 30 cents per mile. This amount was 28 cents per mile in 2023. For those who use a fixed and variable rate plan, the maximum standard automobile cost that may be used in computing the allowance is $62,000. This amount was $60,800 in 2023.
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