2024 Mileage Rate Deduction. The new irs mileage rates for 2024 are 67 cents per mile for business purposes (up from 65.5 cents per mile in 2023), 21 cents per mile for medical or moving purposes and 14 cents per. The irs bumped up the optional mileage rate to 67 cents a mile in 2024 for business use, up from 65.5 cents for 2023.

New standard mileage rates are: In summary, staying current with the irs mileage rate for 2024 is crucial for individuals and businesses seeking to maximize their deductions and remain in compliance with tax regulations.