IRS Announces 2024 Standard Mileage Rates
On January 01, 2024, the Internal Revenue Service issued IR-2023-239. This annual document announced the OPTIONAL 2024 standard mileage rates for business, medical and moving expenses.
What does this mean to your business?
- The rate for business miles is .67 cents per mile, up 1.5 cents from 2023.
- 21 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, a decrease of 1 cent from 2023
- 14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2023.
When entering mileage, an employee has the option of entering an odometer change, miles driven or can calculate the distance driven by using Google Maps directly from our application. When the miles driven are calculated by any of the above options, the rate set up for your company is multiplied automatically to provide you the total mileage amount.
How to update the mileage rates for your business?
The Company Owner or Admins can easily update the mileage rates on or after January 1, 2024, by following these 4 simple steps.
- Sign into TriNet Expense
- Go to Settings > Company Settings > Company Settings
- Enter the new mileage reimbursement rate (.67)
- Click “Save”
For further assistance, please contact Connect360@TriNet.com.