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IRS Releases Mileage Rates For 2024

Audio version available here:

Length: approx. 1 min. 15 sec.

Attention all those who use their vehicles for “business, charitable, medical or moving purposes”, the IRS has just released the standard mileage rate!

The new standard mileage rate is 67 cents per business mile, which is an increase from last year. For military medical or moving vehicles, the rate decreased to 21 cents from 2023. Finally, automobiles used for charity kept the same rate from last year: 14 cents per charity mile. These rates apply to all vehicles including “vans, pickups, and panel trucks” and are standard for all fuel types.

Keep in mind that under the Tax Cuts and Jobs Act, a taxpayer will not qualify for the itemized deduction when the automobile was used for “unreimbursed employee travel expenses”. “Moving expenses” also disqualify the taxpayers' possible claim unless they are military members moving under orders to a new location to be stationed. Also, remember that there are several rules to keep in mind when using the standard mileage rate to maximize your auto deductions. For more information on this, watch our video on auto deductions.

Business owners should know that planning ahead on their auto deductions is only one part of proactive tax planning. There are many other deductions you may be qualified to take on your next tax return, so if you want to be proactive and take charge of your tax liability, reach out to our experienced tax professionals at XQ CPA. We are here to help you pay less taxes.

Phone: 832-295-3353



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