Irs Increases Mileage Rate 2024

Irs Increases Mileage Rate 2024. Washington — the internal revenue service today issued the 2024 optional standard mileage rates used to calculate the deductible. The irs bumped up the optional mileage rate to 67 cents a mile in 2024 for business use, up from 65.5 cents for 2023.

Mileage rate increases to 67 cents a mile, up 1.5 cents from 2023. The irs increased the standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 67 cents per mile driven, up 1.5 cents from 2023.