The Internal Revenue Service (IRS) has announced a change to the standard mileage rate for the second half of 2026. Effective July 1, 2026, the standard mileage rate for business use will increase from 72.5 cents per mile to 76 cents per mile. For business miles driven between January 1 and June 30, 2026, the 72.5 cent rate should continue to be used. Business miles driven between July 1 and December 31, 2026, should be calculated using the new 76 cent rate. This midyear change makes it important to apply the correct mileage rate to accurately calculate your 2026 business mileage deduction.
Trust Taxation Basics: Understanding Distributable Net Income (DNI) – Part 2
In Part 1 of the Trust Taxation series, we introduced how trust distributions can shift the income tax burden from the trust to the beneficiary. The shift in tax from the trust to the beneficiary is not unlimited but instead calculated by a key concept of trust...
