The standard mileage rate for vehicles driven for business purposes will be 67 cents per mile next year, up 1.5 cents from the year, the Internal Revenue Service said this week.The IRS noted taxpayers have the option of calculating actual costs of using their vehicles, instead of using the standard rates.
For active-duty members of the Armed Forces, the rate drops 1 cent from this year to 21 cents per mile for medical or moving purposes. The rate for miles driven for serving charitable organizations remains as 14 cents per mile, as set by law.
Notice 2024-08PDF provides the 2024 standard mileage rates, along with the maximum cost used to calculate the allowance for vehicles under a fixed and variable rate (FAVR) plan.
The notices also provides maximum fair market value of employer-provided automobiles for those vehicles made available. personal use in calendar year 2024. Employers may use the fleet-average valuation rule in or the vehicle cents-per-mile valuation rule.
