07/15/2026
The IRS changed the standard mileage rate in the middle of 2026. This is a rare mid-year adjustment due to higher fuel costs.
Business Mileage Rates
January 1 – June 30: 72.5¢ per mile
July 1 – December 31: 76¢ per mile
Medical and moving mileage also increased from 20.5¢ to 23.5¢ per mile, while the charitable mileage rate remains 14¢ per mile.
Why it matters:
For 2026, you can't simply multiply your total annual business miles by one rate. Your mileage must be split between the first and second half of the year to calculate the correct deduction.
If you use your vehicle for business and didn't record your odometer reading on June 30, record your current odometer reading today for each business vehicle. This creates a helpful reference point for accurately allocating your business mileage for the year.
Thank you to our friend, John Sheeley, EA, for highlighting this important IRS update. It's an easy detail to overlook, but it could make a difference at tax time.
