Current Rate For Mileage Reimbursement 2024. If you use your car for business, charity, medical or moving purposes, you may be able to take a deduction based on the mileage used for that purpose. In short, the business mileage rate increased 1.5 cents for business travel and decreased by 1 cent for medical and certain moving expenses from 2023.
Flat rate reimbursement amount = miles driven x flat rate allowance. 70ยข per kilometre for the first 5,000km driven.
This Approach Is Referred To As The Standard Mileage.
As of 2024, the guidelines are as follows:
This Rate Reflects The Average Car Operating Cost, Including Gas, Maintenance, And Depreciation.
70ยข per kilometre for the first 5,000km driven.
Current Rate For Mileage Reimbursement 2024 Images References :
Irs Issues Standard Mileage Rates For 2024;
While the irs mileage rate is a standard, employers are not obligated to use it.
On December 14, 2023, The Internal Revenue Service (Irs) Announced The 2024 Standard Mileage Rate.