The IRS has announced an increase in the mileage reimbursement rate from $.655 to $.67 per mile.
These changes will take effect on Jan. 1, 2024 and will affect cars, vans, pickups and panel trucks, as well as electric & hybrid electric vehicles, and gasoline vehicles and diesel vehicles.
The following is a statement from the IRS themselves regarding the mileage change:
“Taxpayers can use the standard mileage rate but generally must opt to use it in the first year the car is available for business use. Then, in later years, they can choose either the standard mileage rate or actual expenses. Leased vehicles must use the standard mileage rate method for the entire lease period (including renewals) if the standard mileage rate is chosen.”
