07/17/2026
IRS Increases Business Mileage Rate Effective July 1, 2026
Due to higher fuel costs, the IRS has issued Announcement 2026-11, increasing the standard business mileage rate to 76¢ per mile for business miles driven July 1, 2026, through December 31, 2026.
The mileage rate for January 1 through June 30, 2026, remains 72.5¢ per mile.
Don't forget: To claim a business mileage deduction, the IRS requires you to maintain contemporaneous mileage records that include:
• Date of travel
• Destination
• Business purpose
• Miles driven
Keeping accurate records throughout the year can help ensure you receive the deduction you're entitled to while avoiding issues in the event of an IRS examination. If you have questions about the updated mileage rate or your recordkeeping requirements, we're here to help!