IRS announces new mileage rates for 2025-26

Starting January 1, 2025, the Internal Revenue Service (IRS) will raise the standard mileage rate for business use of vehicles to $0.70 per mile, reflecting a 3-cent increase from the 2024 rate. The rates for vehicles used for other purposes, however, will remain unchanged from last year.

For more information regarding the updated mileage rates and motor vehicle expense deductions, you can visit the IRS official announcement here: IRS Newsroom

To make the most of the updated rate, it's important for businesses and employees to keep detailed records of vehicle usage. For any specific questions or tailored advice, consult a tax professional or reach out to the IRS.