This morning, the IRS announced the 2024 standard mileage rates for automobile usage. Those rates will be:
- 67ȼ per mile for business use, up from 65.5ȼ per mile in 2023;
- 21ȼ per mile for medical purposes, down from 22ȼ per mile in 2023; and
- 14ȼ per mile for miles driven in service of charitable organizations (set by statute and unchanged for 2024).
I question how the annual study showed that any automobile expenses are less than in 2023, but the IRS conducts a study and that’s what the results show nationally. Here in Nevada, costs have definitely risen from 2023 but “it is what it is.”
If you do use a car for business, remember to keep a mileage log (or use an app).
Tags: MileageRates