Mileage 2024: What’s the IRS Mileage Rate and How It Can Save You Money
How I Almost Missed Out on Big Savings Because I Didn’t Know the 2024 Mileage Rate
Last tax season, I was crunching numbers and realized I hadn’t updated my mileage log or checked the latest IRS mileage rate. I thought, “What is the IRS mileage rate for 2024 anyway?” After a quick search, I found out it had increased, and I was missing out on some serious deductions! If you’re like me and want to make sure you’re not leaving money on the table, this guide on the 2024 mileage rate is for you.
What Is the IRS Mileage Rate for 2024?
The IRS updates the mileage rate every year to reflect how much it costs to drive your car for business, medical, or charitable purposes. For 2024, here’s what you need to know:
- Business miles: 67 cents per mile (up from last year)
- Medical or moving purposes: 21 cents per mile
- Charitable driving: 14 cents per mile (no change)
This means if you drove 1,000 miles for work, you could claim $670 back on your taxes or get reimbursed by your employer.
Why Does the Mileage Rate Change Every Year?
Gas prices, car maintenance, insurance—they all fluctuate. The IRS adjusts the mileage rate annually to keep up with these costs. So if you’re curious about the mileage rate 2025, expect it to change again based on how the economy and fuel prices move.
How to Make the Most of the 2024 Mileage Rate
- Keep a detailed mileage log: Note dates, destinations, and purpose of each trip.
- Use apps: There are plenty of mileage tracking apps that make logging easy and accurate.
- Check your employer’s reimbursement policy: Make sure they’re using the current IRS rate.
- Self-employed? Use the mileage deduction to lower your taxable income.
What I Learned: Small Details Can Lead to Big Savings
Updating my mileage rate and tracking my trips carefully added hundreds of dollars back to my tax refund. It’s a simple step that many overlook but can make a big difference.
Final Thoughts: Don’t Let Your Miles Go Unnoticed
Whether you’re an employee or self-employed, knowing the 2024 mileage rate and keeping good records can save you money. Don’t wait until tax time—start tracking today and make every mile count!
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