2024 Mileage Rate Increase Rate. The new 67 cents per mile rate is up from the previous year's 65.5 cents per mile, reflecting the rising costs of operating a vehicle for business purposes. This modest increase was expected for reasons explained below.
โ 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 from 2023. The increased rate is effective as of jan.