The Internal Revenue Service (IRS) in Washington on March 10, 2025. Madalina Vasiliu/The Epoch TimesThe IRS has set the standard mileage rate for vehicles used for business purposes for 2026, raising it by 2.5 cents from 2025, the agency said in a Dec. 29 statement.If a company uses a car for business purposes, some of the operating costs, subject to certain limits, can be deducted when calculating taxes. The deductible amount can be calculated by the standard mileage rate or the actual expense method, with the former being determined by the IRS based on an annual study of fixed and variable costs related to operating a vehicle.
IRS Raises Standard Mileage Rate By 2.5 Cents Per Mile
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