IRS INCREASES BUSINESS MILEAGE RATE FOR 2024... MEDICAL MILEAGE RATES ARE DECREASED
Barry Weller
By Barry L Weller, EA
Starting January 1, 2024 the standard mileage rates have increased 1.5 cents per mile for business travel. These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles. Taxpayers can use the standard mileage rate but generally must opt to use it in the first year the car is available for business use. Then, in later years, they can choose either the standard mileage rate or actual expenses. Leased vehicles must use the standard mileage rate method for the entire lease period (including renewals) if the standard mileage rate is chosen.
However, the 2024 mileage rate for medical or moving purposes decreased to 21 cents per mile, down from 22 cents per mile in 2023.
Lastly, the 2024 mileage rate for charity remains at 14 cents per mile, the same as it was in 2023.
Below is a chart that reflects these changes and the appropriate effective dates.
Barry L Weller, EA is the president of Barry Weller & Associates with offices at 19 N Reading Ave, Boyertown, PA 19512 Phone (610) 367-8280 He is an enrolled agent, licensed to represent taxpayers before the IRS. (updated 2/1/2024)