2024 Miles Deduction. This notice provides the optional 2024 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. The irs allows you to deduct a standard mileage rate from your earnings to lower your taxable income.

Learn about eligibility, calculation methods, and tips for accurate reporting. The standard mileage rate will increase to 67¢ per mile for business miles driven beginning january 1, 2024, up from 65.5¢ in 2023.