IRS Increases Mileage Rate for 2024, Effective January 1

On December 14, 2023 the IRS announced an increase in the optional standard mileage rate for 2024. Beginning January 1, 2024, the standard mileage rate for business travel will be 67 cents per mile, up 1.5 cents from the current rate. The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 21 cents, down from 22 cents.

The rates apply to electric and hybrid-electric automobiles as well as gasoline and diesel-powered vehicles.