2024 Mileage Reimbursement Rate Irs. According to the irs, the mileage rate is set yearly “based on an annual study of the fixed and variable costs of operating an automobile.” here are the mileage rates for the year. The new rate kicks in beginning jan.
The irs bumped up the optional mileage rate to 67 cents a mile in 2024 for business use, up from 65.5 cents for 2023. This document includes the optional 2024 standard mileage rates and details the maximum automobile cost for calculating the allowance under a fixed and variable rate (favr).