Streetman Tax Services

07/16/2026

The IRS has revised the standard mileage rates for the second half of 2026 due to recent increases in fuel prices. The business mileage rate increases from 72.5 cents per mile to 76 cents per mile, but charitable miles remain the same. The updated rate applies to deductible transportation expenses paid or incurred on or after July 1, 2026. This means you will have one rate for January 1-June 30 and another for July 1-December 31, 2026.

Go work on that mileage log, and as always, if you have any questions you should reach out to your tax professional.

05/21/2026

Looking for a deduction for 2026? Non-itemizers can take up to $1,000 ($2,000 for MFJ) deduction for cash contributions to qualifying charities for 2026. For taxpayers who itemize, the existing 60% of AGI cap for cash contributions to qualifying charities has been extended permanently.

12/31/2025

The IRS announced the 2026 standard mileage rates for 2026. Beginning January 1, 2026, the business standard mileage rate increases to 72.5 cents per mile, up 2.5 cents from 2025. The standard mileage rate for medical travel decreases to 20.5 cents per mile, down 0.5 cents, while the charitable mileage rate remains 14 cents per mile because it is set by statute.The mileage rate for qualified moving expenses is 20.5 cents per mile. (Those who qualify-see your tax professional).

Remember, you must choose between the standard mileage rate and the actual vehicle expenses, but both require proper documentation. As always, see your tax professional to determine which one is best for you.

12/10/2025

Giving cash, check or cash equivalent bonuses out to your employees this year? That's great, you are a wonderful boss! Just a reminder that those type bonuses are considered taxable income and will be taxed as such. Happy gifting!

12/02/2025

It's so what does that mean for taxes? For tax year 2025 charitable cash contributions as an itemized deduction are limited to 60% of the taxpayers AGI (normally). Charitable contributions made to a qualifying organization are not limited to this percentage. As always, there are conditions to qualify the contribution as deductible and you should seek guidance from your tax professional. The big changes take effect for tax year 2026.

Be diligent when donating cash and assets to charitable organizations. A quick search to see if the organization is legit can save you a lot of headache later on

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11/26/2025

Streetman Tax Services will be closed Wednesday, November 26,2025 through Friday, November 28, 2025. Hope you all have a wonderful Thanksgiving holiday!