The IRS has updated the mileage rates for 2024. If you use your vehicle for business, medical needs, moving, or charity, these are the rates you’ll apply when calculating deductions on your taxes:
- Business: 67 cents per mile (up from 65.5 cents in 2023).
- Medical and Moving: 21 cents per mile (down from 22 cents in 2023).
- Charity: 14 cents per mile (unchanged since 2011).
Why Keep a Mileage Log?
Keeping a detailed log of your mileage isn’t just good practice—it’s essential for making sure you’re getting the full tax deductions you’re entitled to. Tools like ExpressMileage make it easy by automatically updating with the latest IRS rates and tracking every mile with precision. This means no more guessing, just maximum savings.
Understanding the Mileage Rates
The IRS sets these rates annually based on various factors like fuel costs, maintenance expenses, and vehicle depreciation. Here’s a breakdown:
- Business Mileage: This covers not just gas but also wear and tear on your vehicle, insurance, and other driving costs. It’s why the rate is the highest.
- Medical and Moving: Calculated mainly from variable costs like gas and oil changes. These rates are usually lower as they don’t include fixed expenses like depreciation.
- Charity Mileage: This rate is set by law and is meant to cover out-of-pocket costs when volunteering for a charitable organization.
Maximizing Your Deductions with ExpressMileage
Whether you’re driving for work, helping out at a local charity, or relocating for a job, every mile counts. ExpressMileage helps you track each one accurately, ensuring you never miss out on a tax deduction. It’s easy to use and comes with features like:
- Real-time tracking and updates with the latest IRS rates.
- Simple, intuitive logs that can be saved, downloaded, or printed.
- Support for all types of vehicles, including cars, vans, and trucks.
Frequently Asked Questions
What is the IRS Mileage Rate?
It’s a set rate the IRS allows you to deduct for every mile you drive for business, medical, or charitable purposes. It simplifies the process of figuring out your vehicle expenses for these activities.
How Do I Calculate My Deduction?
Simply multiply the miles you’ve driven for business, medical, or charity by the rate for each category. For example, if you drove 100 miles for business in 2024, your deduction would be $67.
Can I Deduct Mileage for Any Vehicle?
Yes, the standard mileage rates apply whether you’re driving a car, van, pickup truck, or panel van. Just remember, the mileage must be for approved purposes like business, medical, or charity, not personal driving.
Ready to Start Saving?
Don’t let another mile slip by without logging it. Visit ExpressMileage today and start taking full advantage of your vehicle’s mileage for substantial tax deductions!
