Fox Business July 16, 2026 • 20:22

IRS raises business mileage deduction rate amid fuel price surge - Fox Business

By Eric Revell

IRS raises business mileage deduction rate amid fuel price surge - Fox Business

The IRS raised its standard business mileage deduction to 76 cents per mile amid surging gas prices linked to the Iran war's disruption of oil flows.

The IRS this week announced changes in the amount taxpayers may deduct in gas used per mile while operating a vehicle for business for the remainder of the year amid higher gas prices.
The tax colle… [+2534 chars]

More from Fox Business