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14 Δεκ 2023 · WASHINGTON — The Internal Revenue Service today issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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.
You can use this mileage reimbursement calculator to determine the deductible costs associated with running a vehicle for medical, charitable, business, or moving. 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.
The standard IRS mileage rate for 2024 is 67 cents per mile for business mileage. Businesses can use it for tax-free mileage reimbursement, but in most states, they can set their own rules for employee reimbursements. However, only reimbursements at or below IRS mileage rates are tax-free.
12 Νοε 2024 · Self-employed individuals and small businesses can use the rate to deduct business-related mileage from the IRS at tax time. See our dedicated guides on mileage reimbursement and deductions for employees, employers, and self-employed.
18 Δεκ 2023 · Beginning on January 1, 2024, the standard mileage rates for the use of a car (also a van, pickup or panel truck) is: 67 cents per mile for business miles driven. (For 2023, the business rate is 65.5 cents per mile.) 21 cents per mile driven for medical or eligible moving purposes.
14 Δεκ 2023 · 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.
