Irs Mileage Rate 2024 Electric Vehicle. For automobiles a taxpayer uses for business purposes, the portion of the business standard mileage rate treated as depreciation is 27 cents per mile for 2020, 26. The internal revenue service (irs) has released the optional standard mileage rate for 2024.
Notably, the rate for business use has been increased 1.5 cents per mile. Understanding the mileage rates for 2023 and 2024.