Beginning January 1, 2024, the standard mileage rates for the use of a car, van, pickup or panel truck is as follows:
67 cents per mile driven for business use, up 1.5 cents from the rate for 2023; and
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 rate for 2023; and
14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2023
These rates apply to electric and hybrid-electric automobiles as well as gasoline and diesel-powered vehicles.
Please remember that under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses, nor can they 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.
For more information on 2024 mileage rates, please contact one of the experienced tax professionals at Bormel, Grice & Huyett P.A. – 410-792-7259.