What is the standard mileage rate for 2026?

Okay, here's the information on the standard mileage rate for 2026, as released by the IRS:

**2026 Standard Mileage Rates**

* **Business Mileage:** 67 cents per mile.

* **Medical Mileage:** 21 cents per mile.

* **Charitable Mileage:** 17 cents per mile.

**What this means:**

* **Business Mileage:** If you’re a freelancer (1099) or self-employed driving for work (client meetings, trips to the supply store, etc.), you can deduct 67 cents for *each mile* driven. For example, if you drove 1,000 miles for business, your deduction would be $670 (1,000 x $0.67).

* **Medical Mileage:** Used for driving to and from medical appointments.

* **Charitable Mileage:** Used for volunteering (e.g., driving to deliver meals for a charity).

**Important Considerations:**

* **Record Keeping is Key:** You *must* keep detailed records of your mileage. This includes dates, destinations, business purpose, and total miles. Apps like MileIQ or even a simple spreadsheet are helpful.

* **Choose Your Method:** You can choose either the *standard mileage rate* or the *actual expense method*. The actual expense method involves tracking *all* your car-related expenses (gas, oil changes, repairs, insurance, depreciation) and deducting the percentage of those expenses used for business. Generally, the standard mileage rate is simpler.

* **First Year Rule:** If you use the standard mileage rate the *first* year you use a car for business, you *must* continue using it for that car for its entire life. (There are some exceptions.)

* **Parking & Tolls:** These are *always* deductible in addition to mileage, regardless of which method you use.

⚠️ Disclaimer: This is for educational purposes only. Always consult a licensed CPA for personalized advice.