2024 IRS Standard Mileage Rate for Business Driving

A deduction for business usage of a vehicle can be based on actual costs or an IRS standard mileage rate. The amount of this mileage rate for business driving in 2024 is 67¢ per mile, or 1.5¢ per mile higher than the rate for 2023. The rate may be used whether the vehicle is owned or leased. The rate may also be used to reimburse employees tax free for business driving in their personal vehicles under an accountable plan. If the vehicle is owned and the standard mileage rate is used, the basis of the vehicle must be reduced by 30¢ per mile for 2024 mileage. Idea: Be sure to note your vehicle’s odometer reading now. #IdeaoftheDay

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