The IRS is increasing its standard mileage rates midyear, citing recent increases in fuel prices. The revised rates apply to eligible transportation expenses paid or incurred on or after July 1, 2026. Source: Forbes, July 13, 2026. Link. Beginning July 1, 2026, the optional standard mileage rates for the use of a car, van, pickup, or panel truck will be: 76 cents per … [Read more...]
IRS unveils 2027 HSA, HDHP limits
Many industry experts tout health savings accounts as a smart way for employees to save for medical expenses, even in retirement, citing their triple tax benefits: Contributions are made pretax, the money in the accounts grows tax-free and withdrawals for qualified medical expenses are tax-free. The IRS released the HSA and high-deductible health plan figures for 2027. The … [Read more...]
IRS increases mileage rate for remainder of 2022
For the final six months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective January 1. The new rate becomes effective July 1, 2022. Source: IRS, June 9, 2022. Link. The IRS is adjusting the standard mileage rates to better reflect the recent increase in fuel prices." - Chuck Rettig, IRS Commissioner … [Read more...]