IRS Mileage Rates Just Changed | Business and Finance News

IRS just raised the business mileage rate to 76 cents per mile effective July 1 — a 3.5-cent jump due to wild gas prices fueled by global events. This mid-year tweak is rare, last seen in 2022 and only the third time since 2011. Drivers still using the deduction — whether self-employed or company-reimbursed — need to track logs carefully, as companies often base reimbursements on IRS rates. Medical and military mileage also got a bump to 23.5 cents per mile, while charitable driving remains at 14 cents. If you’re filing 2026 taxes, remember to account for both the old and new rates. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/9732d63b012586de