Brian Calley President and Chief Executive Officer at Small Business Association of Michigan | Official website
Brian Calley President and Chief Executive Officer at Small Business Association of Michigan | Official website
The Internal Revenue Service (IRS) has announced an increase in the optional standard mileage rate for automobiles used for business purposes. Starting January 1, 2025, the rate will rise by 3 cents to 70 cents per mile. The rates for vehicles used for other purposes will remain unchanged from their 2024 levels.
For medical and moving purposes, the mileage rate remains at 21 cents per mile. This applies specifically to qualified active-duty members of the Armed Forces. Additionally, the rate for miles driven in service of charitable organizations is set at 14 cents per mile, consistent with last year's figure.
These rates are applicable to all types of vehicles including fully electric, hybrid, gasoline, and diesel-powered models.
"Source: IRS 12/19/24"
The announcement was made by Anthony Kaylin through a partnership with SBAM-approved partner ASE. Further information can be found in sources such as Slack on November 12, 2024, and Forbes on November 15, 2024.
"Source: Slack 11/12/24," "Forbes 11/15/24"
Alerts Sign-up