Lucie Robenia

Irs Increases Mileage Rate 2024. The irs announced that the business standard mileage rate for transportation expenses paid or incurred beginning january 1, 2024, will be 67 cents per mile, up 1.5 cents from 65.5 cents per mile for. Not all of the rates for 2024 will increase, however.

The increase goes into effect jan. For automobiles a taxpayer uses for business purposes, the portion of the business standard mileage rate treated as depreciation is 27 cents per mile for 2020, 26.