Q&A of the Week December 20, 2023

Question

What is the Standard Mileage Rate for 2024?

Answer

Beginning January 1, 2024, the Standard Mileage Rate is increasing to 67 cents per mile driven for business use. (The Standard Mileage Rate for 2023 is 65.5 cents per mile.)

The Standard Mileage Rate is for gasoline and diesel-powered vehicles as well as electric and hybrid-electric vehicles.

Other notable rates include:

• 21 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces (22 cents per mile in 2023)

• 14 cents per mile driven in service of charitable organizations (unchanged from 2023)

You can find more information from the IRS in this article: https://www.irs.gov/newsroom/irs-issues-standard-mileage-rates-for-2024-mileage-rate-increases-to-67-cents-a-mile-up-1-point-5-cents-from-2023