The 2024 federal mileage reimbursement rates have arrived. These rates are issued by the Internal Revenue Service (IRS) to help drivers calculate costs for operating vehicles for business, charitable, medical, or moving purposes. In short, the business mileage rate increased 1.5 cents for business travel and decreased by 1 cent for medical and certain moving expenses from 2023.
2024 IRS Mileage Reimbursement Rates
Beginning January 1, 2024, standard mileage rates for the use of a car, van, pickups, or panel trucks changed to:
- 67¢ per mile driven for business (up 1.5¢ from the 2023 rate)
- 21¢ per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces (down 1¢ from the 2023 rate)
- 14¢ per mile driven in service of charitable organizations (unchanged from 2023)
Business leaders can use these mileage rates to calculate how much to reimburse employees who use their own cars for business purposes. As always, taxpayers also have the option to calculate the actual costs of using their vehicles, instead of using the standard mileage rates. For more information, please refer to the IRS press release.
Use Mobile-Friendly Expense Management to Easily Capture Receipts
Help your employees save time and reduce errors by snapping pics of their gas receipts and using OCR technology to read, extract, and populate this information to their expense reports. Submit expense reports anywhere, anytime via the Paycor Mobile App.
