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IRS Announces Mid-Year Optional Vehicle Mileage Rate Increase
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IRS Announces Mid-Year Optional Vehicle Mileage Rate Increase
With gas prices soaring it has been expected the IRS would increase the mileage rate that business owners can deduct for vehicle use instead of keeping a record of actual expenses. Sure enough, the IRS recently announced a 3.5-cent increase in the optional mileage rate for the last half of 2026.The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 23.5 cents for the last 6 months of 20…
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