07/15/2026
2026 IRS Standard Mileage Rates – Important Update!
For 2026, the IRS has implemented a split standard mileage rate, so it’s important to use the correct rate based on when the miles were driven:
January 1 – June 30, 2026: 72.5¢ per mile
July 1 – December 31, 2026: 76¢ per mile
✅ Self-employed individuals (Schedule C businesses, independent contractors, gig workers, and many farmers) may be able to deduct qualifying business miles.
❌ Employees generally cannot deduct unreimbursed business mileage on their federal tax return under current tax law, even if they use their personal vehicle for work.
If you are self employed and use your vehicle for business, keeping an accurate mileage log is more important than ever. Your log should include:
✅ Date of each trip
✅ Starting location and destination
✅ Business purpose of the trip
✅ Number of miles driven
Remember, estimated mileage or reconstructed logs may not hold up during an IRS audit. A detailed, contemporaneous mileage log can help protect your deduction and save you money at tax time.
If you have questions about mileage deductions or other tax-related topics, we’re here to help!
Tidewater Executive Tax Service
Serving individuals and businesses with trusted tax planning, preparation, bookkeeping, payroll, and IRS representation.
