By Federal Tax Update Staff
The IRS has issued the 2024 standard mileage rates for calculating the deductible costs of
operating an automobile for business, charitable, medical or moving purposes. The Notice also
contains the maximum automobile cost used to calculate the allowance under a fixed and variable
rate (FAVR) plan and the maximum fair market value of employer-provided automobiles for purposes of
the fleet average valuation rule or the vehicle cents-per-mile valuation rule.