IRS Increases Business Mileage Deduction Rate Amid Rising Fuel Prices

The IRS has raised the business mileage deduction rate to 76 cents per mile, up from 72.5 cents, effective July 1, 2026, in response to higher fuel prices. The adjustment also affects medical and moving expense deductions, increasing them to 23.5 cents per mile.

By Eric Revell Thu, July 16, 2026 at 11:22 PM GMT+3 2 min read · Yahoo Finance · July 16, 2026, 20:22 UTC

IRS Increases Business Mileage Deduction Rate Amid Rising Fuel Prices

Topics: fuel prices IRS mileage deduction

Read the full article at Yahoo Finance

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