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Home | Blog | Tax | New Changes To The Standard Mileage Rate
In 2024, expect the standard mileage rate to increase for the use of business. According to the IRS, the new changes become effective as of January 1st, 2024. These changes are made based upon the costs of operating a standard vehicle. All vehicles may be eligible for the new changes applied to the standard mileage rate for 2024.
New changes apply to the standard mileage rate for 2024.
Business Use – The mileage rate will increase by three points to 67 cents per mile. Businesses should elect the standard mileage in the first year of business use. Then, the business can choose whether to use the actual or standard deduction.
What still remains the same in 2024?
Personal Use – .21 cents per mile for moving and medical purposes for all qualified military and armed forces. If a taxpayer is not Armed forces, they will not be eligible to use this deduction.
Charitable Use – .14 cents per mile driven while in the process of servicing charities
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