IRS Updates 2024 Standard Mileage Rates
The IRS has announced the standard mileage reimbursement rates for 2024, allowing taxpayers to deduct vehicle expenses without tracking every receipt and repair bill.
Current Mileage Rates for 2024:
For the 2024 tax year, you can claim the following per-mile deductions:
- Business travel: 67 cents per mile (increased from 65.5 cents in 2023)
- Medical appointments or moving (active military only): 21 cents per mile
- Charitable activities: 14 cents per mile
These rates apply whether you drive a gas-powered vehicle, diesel, hybrid, or fully electric car.
Business Mileage Examples:
Georgia business owners can deduct miles driven for:
- Client meetings and site visits
- Travel between multiple work locations
- Trips to pick up supplies or make deliveries
- Attending professional conferences or training
- Bank runs and business errands
Charitable and Medical Miles:
The charitable rate applies when you volunteer and drive your personal vehicle for qualified nonprofit organizations. Medical miles cover trips to doctors, hospitals, pharmacies, or medical treatments.
Important Considerations:
You have two options for claiming vehicle expenses: the standard mileage rate or actual expense method. Most taxpayers choose the standard rate for its simplicity. However, you must elect the standard mileage method in the first year you use the vehicle for business to maintain flexibility in future years.
Note that W-2 employees generally cannot deduct unreimbursed mileage under current tax law, and moving expense deductions are limited to active-duty military personnel with permanent change of station orders.