The IRS has announced the per diem rates for ordinary and necessary business travel expenses in the fiscal year 2023-24:
- When using the high-low substantiation method, the rate for travel to high-cost localities is $309 per day, and the rate for all other continental United States (CONUS) localities is $214 per day.
- For meals, the rate is $74 (high) and $64 (all other) per day.
- The rate for incidental expenses when traveling in or outside the CONUS is $5 per day.
These rates are effective beginning October 1, 2023. Questions about per diem rates or other options for deducting business travel expenses? Contact us today.