The IRS announced that the standard mileage rate for 2024 will be 67 cents per mile driven for business purposes (up from 65.5 cents in 2023). This rate applies also to electric and hybrid vehicles. The new rate becomes effect on January 1, 2024.

For employers, the use of this rate is optional. It is widely accepted as an easy and standard reimbursement rate for employees who use their personal vehicle for work.

If you use the IRS rate to calculate mileage reimbursement, update your QuickBooks Payroll setting to account for this change.