Jane Mirilla

2024 Mileage Rate Increase News. The irs bumped up the optional mileage rate to 67 cents a mile in 2024 for business use, up from 65.5 cents for 2023. The following new rates are effective for expenses incurred on or after january 1, 2024:

The irs increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 67 cents per mile driven, up 1.5 cents. Effective january 1, 2024, the standard mileage rate for business vehicle use has increased to 67 cents per mile, up from the 2023 rate of 65.5 cents per mile.