The I.R.S. has just announced that for 2024, a rate of $ 0.67/mile may be used to compensate employees for business travel in their personal vehicles. To qualify to use this rate, the vehicle may cost no more than $ 62,000. Medical travel may be claimed at a rate of $ 0.21/mile, as well as for qualified travel in moving for military personnel. Miles driven for work for a charitable organization remains at $ 0.14.
Also, the contribution rate for Flexible Spending Account contributions for 2024 has increased from $ 3,050 to $ 3,200, with a maximum carryover of unspent prior year funds of $ 610 from 2023 to 2024.
Mark H. Misselbeck, CPA, MST, is a Tax Principal at Katz, Nannis + Solomon, P.C. If you have any questions or would like to speak with one of our tax professionals, please contact our office at 781-453-8700.