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Beginning on 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 2023.
Last updated: Apr 11, 2024. The following lists the Privately Owned Vehicle (POV) reimbursement rates for automobiles, motorcycles, and airplanes.
The 2024 IRS standard mileage rates are 67 cents per mile for every business mile driven, 14 cents per mile for charity and 21 cents per mile for moving or medical.
The standard mileage rates for 2023 are: Self-employed and business: 65.5 cents/mile. Charities: 14 cents/mile. Medical: 22 cents/mile. Moving (military only): 22 cents/mile. Find out when you can deduct vehicle mileage.
The business mileage rate for 2024 is 67 cents per mile. You may use this rate to reimburse an employee for business use of a personal vehicle, and under certain conditions, you may use the rate under the cents-per-mile rule to value the personal use of a vehicle you provide to an employee. See Cents-Per-Mile Rule in section 3.
To pay the reimbursement properly, the reimbursement should be processed as follows: Calculate the employee’s gross wages or salary for the payroll period – $800.00; Calculate and deduct all necessary taxes including federal income tax, Social Security and Medicare tax, and any state or local taxes – $137.45
You can calculate mileage reimbursement in three simple steps: Select your tax year. Input the number of miles driven for business, charitable, medical, and/or moving purposes. Click on the "Calculate" button to determine the reimbursement amount.
The IRS today issued an advance version of Notice 2024-8 providing the standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving purposes in 2024.
On December 14, 2023, the Internal Revenue Service (IRS) issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are:
What is the federal mileage reimbursement rate for 2024? The IRS sets a standard mileage rate each year to simplify mileage reimbursement. The IRS mileage rate in 2024 is 67 cents per mile for business use. This rate reflects the average car operating cost, including gas, maintenance, and depreciation.