Mileage Reimbursement In 2024. According to the irs, the mileage rate is set yearly “based on an annual study of the fixed and variable costs of operating an automobile.” here are the mileage rates for the year 2024: The automobile allowance rates for 2024 are:
The irs sets a standard mileage rate each year to simplify mileage reimbursement. On december 14, 2023, the internal revenue service (irs) announced the 2024 standard mileage rate.
64¢ per kilometre driven after that.
On december 14, 2023, the internal revenue service (irs) issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
The standard reimbursement rate for 2024 is currently set to 67 cents per mile, which is 1.5 cents higher than it was for 2023, when it stood at 65.5 cents per mile.
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