The U.S. Internal Revenue Service on Thursday announced the 2024 rate used to calculate the deductible costs of operating a car, van, pickup or panel truck for business purposes would be 67 cents per mile, 1.5 cents higher than in 2023. The deductible mileage rate is based on an annual study of the fixed and variable costs of operating an automobile, and applies to electric and hybrid vehicles as well as those that are gasoline-powered. Many companies use the standard rate to calculate reimbursements for employees who use personal vehicles for business.