IRS Raises Business Mileage Deduction Rate Amid Fuel Price Surge

IRS raises business mileage deduction rate amid fuel price surge

The IRS this week announced changes in the amount taxpayers may deduct in gas used per mile while operating a vehicle for business for the remainder of the year amid higher gas prices.The tax collection agency noted that the change "results from recent increases in the price of fuel" and will allow for larger mileage deductions for business, medical and moving expense purposes.Under the revision, the standard mileage deduction rate for business …

IRS raises mileage rate midyear. Here's who benefits in 2026

Drivers may not know it quite yet, but the Internal Revenue Service put new, higher mileage rates into place effective July 1.

IRS announces mid-year increase to standard mileage rates

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 …

Financial News Network - IRS raises business mileage deduction rate amid fuel price surge

The IRS raised its standard business mileage deduction to 76 cents per mile amid surging gas prices linked to the Iran war's disruption of oil flows.Read More …

Rising Fuel Costs Prompt the IRS to Raise Standard Mileage Rates for Rest of 2026

The IRS has raised the optional standard mileage rate for the remainder of this year. The reason: recent increases in the price of fuel, the agency said.