IRS Announces Increase in Business Mileage Rate for 2026
December 30, 2025 - 22:15
WASHINGTON — The Internal Revenue Service has revealed that the standard mileage rate for business use of vehicles will see an increase of 2.5 cents starting in 2026. This adjustment, which will take effect on January 1, aims to reflect the rising costs associated with operating a vehicle for business purposes.
The new rate is expected to provide relief to businesses and self-employed individuals who rely on vehicle travel for their operations. The IRS typically reviews and adjusts this rate annually, taking into account factors such as fuel prices, maintenance costs, and depreciation.
As businesses navigate the complexities of operating expenses, this increase may help to alleviate some financial pressures. It is crucial for business owners to stay informed about these changes to accurately calculate deductions and manage their finances effectively. The IRS encourages taxpayers to utilize the updated rate to ensure compliance and optimize their tax filings in the upcoming year.
MORE NEWS
July 6, 2026 - 00:19
Council set to hold business meeting July 7, budget workshop July 8The Edmonds City Council is scheduled to convene for a regular business meeting on Tuesday, July 7. The agenda includes a discussion on a budget amendment and a proclamation recognizing July as...
July 5, 2026 - 13:24
Mark Zuckerberg takes business calls on a jet ski wearing his $800 Meta glasses—and insists ‘the other person could not tell’Mark Zuckerberg is taking his smart glasses pitch to the water. The Meta CEO recently revealed that he takes business calls while riding a jet ski, wearing his company`s $800 Ray-Ban Meta smart...
July 4, 2026 - 20:00
AFL-CIO on Taylor Swift's wedding: 'It's better in a union'The AFL-CIO, the largest federation of labor unions in the United States, has weighed in on the highly anticipated wedding of Taylor Swift and Travis Kelce. The organization`s message is clear:...
July 4, 2026 - 00:34
Statues of US presidents' heads are crumbling in rural VirginiaIn a quiet corner of rural Virginia, a collection of crumbling presidential statues has become an unlikely tourist destination. The massive heads of 42 U.S. presidents, each carved from concrete,...