In proposed regulations for the car loan interest deduction, the IRS addresses issues for taxpayers and lenders, including eligibility criteria for the deduction and information-reporting requirements.
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Business standard mileage rate increases for 2026
The IRS increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 72.5 cents per mile driven, up 2.5 cents from 2025.
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