New mileage rates announced by the IRS.
Mileage rates for travel are now set for 2024. The standard business mileage rate increases by 1.5 cents to 67 cents per mile. The medical and moving mileage rates are now 21 cents per mile. Charitable mileage rates remain unchanged at 14 cents per mile.
To note
- These rates apply to gas, electric, hybrid-electric and diesel-powered vehicles.
- You cannot claim mileage as an itemized deduction as an employee that is not reimbursed for travel expense.
- Mileage deduction for moving expense is not allowed unless you are an active member of the Armed Forces and are ordered to move to a new permanent duty station.
Remeber to properly document your mileage to receive full credit for your miles driven.
