Summary
The Internal Revenue Service (IRS) has increased the standard business mileage deduction rate to 76 cents per mile, up from 72.5 cents, in response to rising fuel prices. The revised rate applies retroactively from July 1, 2026, marking the agency’s first midyear adjustment since 2022. Medical and eligible moving expense deductions also rise from 20.5 cents to 23.5 cents per mile, while the charitable rate remains unchanged at 14 cents. The change follows a sharp increase in gasoline prices driven by disruptions to global oil supplies, giving businesses and eligible taxpayers greater tax relief for vehicle-related expenses.
Fox Business
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