By Andrew Keshner | July 16, 2026, 9:49 a.m. ET
The IRS is going to let certain drivers write off even more of their fuel expenses as gas prices rise again.
The Internal Revenue Service had already established how much businesses and self-employed taxpayers could deduct on their 2026 driving costs. But the agency recently updated those rates so that eligible drivers could deduct more money for every mile.
From July to December, the mileage rate for businesses is 76 cents per mile. That’s an almost 5% increase from the rate in effect for the first half of the year, 72.5 cents per mile.
The change is a result of “recent increases in the price of fuel,” according to an IRS bulletin published July 9. Follow this link to read the full article on MarketWatch.com >>
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