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We review how to anticipate 2024 income with deductions for business or medical use of a car.
The IRS recently issued Notice 24-08, which contains the 2024 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
With the recent notice, the 2024 business standard mileage rate is increasing to 67 cents, up 1.5 cents from 2023. In addition to the rate per mile driven for business use, the IRS also announced the standard mileage rate for 2024 will be:
