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Standard Mileage Rate Changes for 2024

January 3, 2024

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The Internal Revenue Service recently announced an increase in the optional standard mileage rate beginning in the new year. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.

These new rates listed below become effective January 1, 2024:

• Business: 67 (increase of 1.5 cents from 2023)

• Medical/Moving: 21 (decrease of 1 cent from 2023)

• Charitable: 14 (no change from 2023)

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

These rates also apply to electric and hybrid-electric automobiles as well as gasoline and diesel-powered vehicles.

For additional guidance from the IRS, click here. If you have additional questions, please reach out to your Wilkins Miller advisor.