IRS Mileage Rate 2024 Calculator
This calculator helps you estimate your tax deduction based on the IRS standard mileage rates for 2024. The IRS allows taxpayers to deduct ordinary and necessary expenses of using a car for business, charitable, medical, or moving purposes. You can either deduct your actual expenses or use the standard mileage rate.
Understanding the IRS Mileage Rates for 2024
The Internal Revenue Service (IRS) sets standard mileage rates annually that simplify the process of deducting vehicle expenses for business, medical, charitable, and moving purposes. For 2024, the standard mileage rates are:
- Business: 67 cents per mile
- Medical: 21 cents per mile
- Charitable: 14 cents per mile (this rate is set by law and is not subject to change by the IRS)
You can choose to use the standard mileage rate or deduct your actual car expenses. If you choose the standard mileage rate, you can generally also deduct parking fees and tolls. However, if you use the standard mileage rate for business, you cannot deduct actual expenses such as gas, oil, insurance, maintenance, and repairs.
Business Mileage: This includes miles driven for your trade or business. Your employer can also reimburse you using the standard mileage rate.
Medical Mileage: This includes miles driven to and from medical appointments or to obtain medical services.
Charitable Mileage: This applies to miles driven while volunteering for a qualified charitable organization.
Moving Mileage: For tax year 2024, the moving mileage rate is no longer applicable unless you are an active-duty member of the U.S. Armed Forces moving due to a permanent change of station.
Using this calculator can help you quickly estimate the potential tax deduction you may be eligible for based on the miles you've driven for various purposes.