In a move that has not been made since mid-year 2022, the Internal Revenue Service (IRS) has announced an increase to the optional standard mileage rate. The increase in the cost of fuel prompted this mid-year change and the increased rate will be in effect for the remainder of 2026.
The revised standard mileage rates are:
*76 cents per mile for business, an increase from 72.5 cents.
*23.5 cents per mile for medical and moving purposes, up from 20.5 cents per mile for each.
*The mileage rate that applies to the deduction for charitable contributions is fixed at 14 cents per mile.
As always, if you have questions about this topic or any other tax matter, please reach out to the Holbrook & Manter team.