New IRS Mileage Rate of 2024


By Jennifer Jacobus, PHRca, SDEA CEO

The Internal Revenue Service (IRS) has announced an increase in the standard mileage rates for the use of a car, van, pickup, or panel truck for business purposes. This adjustment reflects the rising costs associated with vehicle operation, including fuel, maintenance, and insurance.

Effective from January 1, 2024, the new mileage rate is set to 67 cents per mile, up from the previous 65.5 cents per mile. It is crucial for employers to take note of this change, as it impacts reimbursement calculations for employees who use their personal vehicles for business-related travel. Staying informed and updating company policies accordingly will ensure accurate and fair compensation for employees who incur these expenses on behalf of the organization.

With the rising costs of literally everything, this should not come as a big surprise to employers.

If you have questions or concerns, do not hesitate to call us at 858-505-0024. 

SDEA is HeRe for you.


Contact us: 858.505.0024