Chicago Auto Trade Association - IRS Issues Standard Mileage Rates for 2024

The Internal Revenue Service (IRS) has released the optional standard mileage rates for 2024.
The standard mileage rates for 2024 are: 67 cents per mile for business uses; 21 cents per mile for medical uses; and 14 cents per mile for charitable uses.
FAVR allowance for 2024. For purposes of the fixed and variable rate (FAVR) allowance, the maximum standard automobile cost for vehicles places in service after 2023 is $62,000. Employers can use a FAVR allowance to reimburse employees who use their own vehicles for the employer’s business.

Chicago Automobile Trade Association
18W200 Butterfield Rd.
Oakbrook Terrace, IL 60181
(630) 495-2282