2024 irs mileage deduction rate

The IRS has set the 2024 standard mileage rate at 67 cents per mile for business use, effective January 1, 2024. This marks a 1.5-cent increase from the 2023 rate. For medical or moving purposes, the rate is 21 cents per mile for qualified active-duty members of the Armed Forces, a decrease of 1 cent from the previous year. The charitable mileage rate remains unchanged at 14 cents per mile, as set by statute. These rates apply to all vehicle types, including electric, hybrid, gasoline, and diesel-powered vehicles. Taxpayers can choose between using the standard mileage rate or calculating actual vehicle expenses for deductions. Note that under the Tax Cuts and Jobs Act, most taxpayers cannot claim a deduction for unreimbursed employee travel expenses unless they are members of the Armed Forces on active duty moving under orders to a permanent change of station.