Effective 01/01/2024, IRS has increased the standard business mileage rate to 67¢ per mile (from 65.5¢ in effect since 1/1/23). The standard medical mileage rate has likewise decreased to 21¢ per mile (from 22¢). These new rates apply to mileage reimbursements paid to an employee on or after January 1, 2024 with respect to transportation expenses paid or incurred by the employee on or after January 1, 2024.

The rate used for charitable deduction purposes, set by statute rather than IRS, remains at 14¢ per mile.