2024 Mileage Rate Increase Rate

2024 Mileage Rate Increase Rate

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.


2024 Mileage Rate Increase Rate

 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.

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