Brian Calley President and Chief Executive Officer at Small Business Association of Michigan | LinkedIn
Brian Calley President and Chief Executive Officer at Small Business Association of Michigan | LinkedIn
The Internal Revenue Service (IRS) has announced an increase in the optional standard mileage rate for business automobiles, effective from January 1, 2025. The rate will rise by three cents to 70 cents per mile. Meanwhile, mileage rates for other uses remain unchanged from 2024.
For medical purposes and moving purposes for qualified active-duty members of the Armed Forces, the rate remains at 21 cents per mile. The rate for vehicles used in service of charitable organizations is also unchanged at 14 cents per mile.
These rates are applicable to fully electric and hybrid vehicles, as well as gasoline and diesel-powered automobiles.
This information was provided courtesy of SBAM-approved partner ASE and sourced from the IRS on December 19, 2024.
Alerts Sign-up