The IRS has issued the 2024 optional cents-per-mile rates used to calculate the tax-deductible costs of operating a vehicle:

• Effective Jan. 1, 2024, the standard mileage rate for the business use of a car (including vans, pickups, and panel trucks) is 67 cents per mile. (This is up from 65.5 cents per mile for 2023.)
• The 2024 rate for medical or eligible moving purposes is 21 cents per mile. (For 2023, the rate was 22 cents per mile.)
• For charitable driving, the 2024 rate is 14 cents per mile (unchanged from 2023).

Note that these rates apply to electric and hybrid-electric automobiles as well as gasoline and diesel-powered vehicles. Contact the office for more information.