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2024 and the IRS Mileage Rate Change

2024 is nearly upon us, and we mark the passing of another year with certain rituals. We look ahead and plan for the new year, and we adjust the IRS-allowed mileage rates!

What changes lie ahead? On a large scale, certainly more applications of artificial intelligence to all aspects of life and business.

What about the more immediate and “local” level of your organization? You face an array of risks from ordinary check fraud to more modern cyberfraud, and the increased criticality of vendor bank account verification. You also face the opportunity to further your operational efficiencies. VendorInfo can help—contact us.

Meanwhile, the IRS has released the mileage rates for 2024. The new business use rate is 67 cents per mile, a 1.5-cent increase from 2023. The rate for miles driven for medical or moving purposes for qualified active-duty military is 21 cents per mile, a decrease of a cent over 2023. Driving in service to charitable organizations remains 14 cents per mile.

Here’s a look at the mileage rates for the past several years:

 Rates in cents per mile
PeriodBusinessCharityMedical Moving
2024671421
202365.51422
7/1/2022-12/31/202262.51422
1/1/2022-6/30/202258.51418
2021561416
202057.51417
2019581420
201854.51418
201753.51417
2016541419
201557.51423
2014561423.5
201356.51424
201255.51423

Happy holidays! And may you have a prosperous 2024!

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