The Corporate Transparency Act
January 2, 2024
Student Loan Forgiveness
June 18, 2024
The Internal Revenue Service issued 2024 optional standard mileage rates used to calculate deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning Jan. 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
67 cents per mile driven for business use, up 1.5 cents from 2023.
21 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, a decrease of 1 cent from the 2023 rate.
14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2022.
The rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.
The standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.
IRS officials said it’s important to note that under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses.
Taxpayers also cannot claim a deduction for moving expenses, unless they are members of the Armed Forces on active duty moving under orders to a permanent change of station, the officials said.
