The IRS released guidance (Notice 2024-08) to provide the 2024 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes.
Notable rates are listed below:
- The 2024 standard mileage rate is 67 cents per mile, up from 65.5 cents per mile last year
- The 2024 medical or moving rate is 21 cents per mile, down from 22 cents per mile last year
- The charitable rate is not indexed and remains 14 cents per mile
- The maximum standard automobile cost for computing the allowance under a fixed and variable rate plan is $62,000 in 2024 (up from $60,800 in 2023)
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