What Is The Mileage Rate For 2024 Taxes

What Is The Mileage Rate For 2024 Taxes. This year, the irs raised the mileage rate for 2024 to 67 cents per mile, which is 1.5 cents more than the previous year’s rate of 65.5 cents per mile. For 2024, the irs' standard mileage rates are $0.67 per mile for business, $0.21 per mile for medical or moving, and $0.14 per mile.

For automobiles a taxpayer uses for business purposes, the portion of the business standard mileage rate treated as depreciation is 27 cents per mile for 2020, 26. Mileage rate increases to 67 cents a mile, up 1.5 cents from 2023.