When we flip the calendar into the New Year, drivers will be looking at a new, slightly higher standard mileage rate for a deduction for business use on their 2024 federal income tax return.

The IRS lowered the mileage reimbursement rate to 54 cents per mile for a business vehicle in 2016, which is a 3.5 cent decrease from 2015 amidst low oil prices. The IRS lowered the mileage ...