The IRS recently announced an increase in the standard mileage rates for taxpayers who use this method to deduct their business mileage.
The 2023 standard business mileage rate is 65.5 cents per mile.
For 2024, the standard mileage rate for business is 67 cents per mile. Medical mileage is 21 cents per mile and charitable mileage is 14 cents per mile.
To make sure you are getting the most benefit from the business miles you are driving, we recommend that you use a log, either on paper or electronically, to track your mileage on a daily basis. By doing it daily, it will be easy to determine the correct mileage to use for your deduction.
Please contact your tax advisor if you have any questions.