Irs Mileage Rate 2024 For Electric Vehicles. Does the mileage rate cover electric and hybrid vehicles? On december 14, 2023, the internal revenue service (irs) issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an.

Using the irs standard mileage rate or set rate by an employer, you can calculate your total mileage for the year and multiply it to compute your annual mileage deduction. Mileage rate increases to 67 cents a mile, up 1.5 cents from 2023.