As always, the IRS sets new milage rates at the end of the year for the coming year. Beginning January 1, 2024, they are as follows:
- The standard mileage rates for cars, vans, pickups, and panel trucks will be 67 cents per mile for business purposes, up 1.5 cents from 65.5 cents in 2023. These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.
- The mileage rate for medical or moving purposes for qualified active-duty members of the Armed Forces to be 21 cents per mile.
- The mileage rate remains at 14 cents per mile for charitable purposes.
Additional information can be found in N-2023-08 (irs.gov).
As always, our team of tax professionals at theKFORDgroup is here to assist you with any concerns or questions you may have. We value your trust and look forward to continuing to provide you with exceptional services that give you financial peace of mind.
We wish you all a very Merry Christmas and a Fabulous New Year!