Current Mileage Rate For 2024 Tn. The irs bumped up the optional mileage rate to 67 cents a mile in 2024 for business use, up from 65.5 cents for 2023. At the end of last year, the internal revenue service published the new mileage rates for 2024.

The optional rate may be used to reimburse employees for the use of personal vehicles in the course of business activities. The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024.