2026 Mid-Year Standard Mileage Rate Revisions (Announcement 2026-11) If you or your employees track vehicle usage for business, pay close attention. The IRS has officially revised the optional standard mileage rates for calculating the costs of operating an automobile. The revised standard mileage rates are: (1) Business 76 cents per mile (2) Medical and moving 23.5 cents per mile The mileage rate that applies to the deduction for charitable contributions is fixed under § 170(i) of the Internal Revenue Code at 14 cents per mile. Effective Date: July 1, 2026. What Changed: This updates the previous guidance under Notice 2026-10.
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Don’t Toss Mail From The IRS IRS Tax Tip 2026-39, May 12, 2026 The IRS sends notices and letters when it needs to ask a question about a taxpayer’s federal tax return, let them know about a change to their account or request a payment.   When a taxpayer receives mail from the IRS, they should: Read the letter carefully. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and includes any steps the taxpayer needs to take. A notice may reference changes to a taxpayer’s account, taxes owed, a
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Important Steps For Future Business Owners Launching a new business is an exciting journey, but establishing a solid financial foundation from day one is critical to your long-term success. To help future business owners avoid costly mistakes, the IRS recently outlined the vital structural and tax steps required when launching an enterprise (IRS Tax Tip 2026-46). Before you open your doors, make sure you have crossed these essential foundational steps off your checklist: 1. Choose the Right Business Structure Your business structure dictates your legal liability, how you operate, and exactly which federal tax forms you must file each year.
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Create A Disaster Plan For Tax Paperwork When a natural disaster strikes, tax paperwork is usually the very last thing on your mind—and it should be. However, spending just a few minutes preparing your financial records before an emergency can save you months of headaches down the road. The IRS recently released its annual disaster preparedness guide (IRS Tax Tip 2026-47), reminding taxpayers that taking proactive steps right now makes claiming insurance and tax relief significantly faster and easier. Here is a quick, actionable checklist to safeguard your financial life before disaster strikes. 1. Digitize and Cloud-Store Your Critical Documents
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Why Mid-Year is the Perfect Time for a Quick Tax Check Mid-year is the ultimate time to pause and perform a quick tax check. Taking a few minutes right now ensures you are on a smooth, stress-free track for the upcoming filing season. Proactive planning helps you avoid surprises when you file your return. Here is a breakdown of the essential steps you can take today to optimize your financial situation. 1. Organize and Keep Good Tax Records Don’t wait until April to dig through piles of paperwork. You should keep all important tax documents in one centralized place. The
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Marriage and Taxes: Steps to Take Before the Next Filing Season   Congratulations on tying the knot! Between managing the guest list and setting up your new home, life gets incredibly busy. However, there is one critical milestone many newlyweds completely overlook: how marriage affects your federal taxes. The IRS views marriage as a significant life event that changes your legal tax status. Taking a few strategic steps right now can save you from administrative delays or an unexpected bill when filing season arrives. Here is your essential post-wedding checklist to stay fully compliant with the IRS: 1. The Rule
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