IRS Announces New Standard Mileage Rates for 2024 Tax Filings

Get ready, tax filers the New Standard Mileage have been released! The Internal Revenue Service (IRS) has released the 2024 standard mileage rates for calculating deductible costs related to business, charitable, medical, and moving expenses involving vehicle use. These rates take effect on January 1, 2024, offering some good news for taxpayers:

Business Mileage - Buckle up, entrepreneurs! The rate for business use rises 1.5 cents per mile to 67 cents, reflecting the changing costs of operating a vehicle.

Medical and Moving for Active Duty - A slight change for our service members – the rate for medical and moving purposes for qualified active-duty personnel decreases by 1 cent to 21 cents per mile.

Charitable Mileage Unchanged - Hold the line! The rate for driving in service of charitable organizations remains steady at 14 cents per mile, as set by law.

These updated rates apply to all vehicles, including electric and hybrid-electric models, alongside gasoline and diesel-powered counterparts. The business mileage rate reflects a comprehensive annual study of both fixed and variable automobile operating costs, while the medical and moving rate focuses specifically on variable expenses.

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