Mileage 2024 Business Insider. 67 cents per mile for each business mile (an increase of 1.5 cents per mile from 2023) 21 cents per mile to cover moving or medical purposes for. The irs increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 67 cents per mile driven, up 1.5 cents from 2023.
The increased rate is effective as of jan. This increase reflects higher costs associated with vehicle depreciation, which can be influenced by factors like rising vehicle prices, wear and tear, and broader inflationary pressures affecting.
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