IRS Standard Mileage Rate Changes for 2024

As we enter 2024, businesses, contractors, and volunteers must be aware of the updated IRS standard mileage rates. For 2024, the business mileage rate has increased to 67 cents per mile, charity remains at 14 cents, and medical/moving decreases to 21 cents. Whether choosing standard mileage or actual expenses, understanding IRS guidelines is crucial for maximizing tax benefits. These rates apply universally to various vehicle types, emphasizing the importance of staying informed and maintaining meticulous record-keeping for optimal deductions and reimbursements.