IRS Standard Mileage Rate Increased on July 1

Due to rising fuel costs, the standard mileage rate used to figure deductible business driving costs for self-employed individuals and reimbursement amounts for employees under accountable plans increased as of July 1, 2026. The increased rate is 76¢ per mile. It remains 72.5¢ per mile for the first half of 2026. Using the standard mileage rate (if permitted) does not obviate the need for substantiating business driving; it merely avoids the need to substantiate the amount of expenses. #IdeaoftheDay

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