How the Standard Mileage Deduction Works in 2026

In this episode of The Tax Strategy Podcast, Lucas and Luna break down the standard mileage deduction for 2026, including the new IRS rate of 62 cents per mile, how it applies to business, medical, and charitable driving, and the key recordkeeping requirements. They walk through a concrete example of a rideshare driver who can deduct over $12,000 in mileage, compare the standard rate to actual expense method, and explain why the 2026 rate is historically high. They also cover what qualifies as business use versus commuting, how to use the IRS's mileage log, and common pitfalls like double-dipping on repairs and depreciation. Perfect for freelancers, gig workers, and anyone who uses their car for work. #StandardMileageDeduction #IRS #TaxDeductions #GigEconomyTax #RideshareTax #BusinessMileage #TaxPlanning #Finance #FexingoBusiness #BusinessPodcast #TaxStrategy #SelfEmployedTax #MileageLog #IRS2026 #CarExpenses #TaxSavings #FreelancerTax #LucasAndLuna Keep every episode free: buymeacoffee.com/fexingo