IRS Issues Standard Mileage Rates for 2024

SESCO Management Consultants

• The Internal Revenue Service (IRS) has released the optional standard mileage rates for 2024.
• The standard mileage rates for 2024 are: 67 cents per mile for business uses; 21 cents per mile for medical uses; and 14 cents per mile for charitable uses.
• FAVR allowance for 2024. For purposes of the fixed and variable rate (FAVR) allowance, the maximum standard automobile cost for vehicles places in service after 2023 is $62,000. Employers can use a FAVR allowance to reimburse employees who use their own vehicles for the employer’s business.