In addition, miles driven for relocation purposes will be at the reimbursement rate of 21 cents per mile, which is a decrease of 1 cent from the rate in 2023. 1 and would apply to 2024 tax returns.
21 cents per mile (decreased 1 cent from the 2023 irs mileage rate) charitable use: Find standard mileage rates to calculate the deduction for using your car for business, charitable, medical or moving purposes.
As Of 2024, The Irs Mileage Rate Is 67 Cents Per Mile For Business Use.
The irs also announced its current mileage rate, which is 67 cents per mile for business purposes in the year 2024.
On December 14, 2023 The Agency Announced The Following Rates For 2024 Business Travel:
This rate also applies to electric and hybrid vehicles.
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For Medical Purposes And Moving For Active Military Members, This Amount Is 22 Cents Per Mile, And For Charity Purposes, It Is 14 Cents Per Mile In 2024.
On december 14, the internal revenue service (irs) announced a slight increase in the 2024 optional standard mileage rates for business use (as this rate is based on an annual study of the fixed and variable costs of operating an automobile).
67 Cents Per Mile Driven For Business Use, Up 1.5 Cents From 2023.
So if one of your employees drives for 10 miles, you would reimburse them $6.70.
