2026 IRS Limits: 70¢ Mileage, $7,500 IRA Catch-Up, $23,500 401(k)

Standard mileage rates (2026)

• Business: 70 cents per mile

• Medical or moving (active-duty military): 21 cents per mile

• Charitable: 14 cents per mile (set by statute, unchanged)

Track your business miles in a contemporaneous log — date, purpose, start/end odometer or mileage. The IRS challenges deductions backed only by year-end estimates.

Retirement contribution limits (2026)

• 401(k), 403(b), most 457 plans: $23,500 ($31,000 if 50+, $34,750 with the new SECURE 2.0 "super catch-up" at 60-63)

• Traditional/Roth IRA: $7,000 ($8,000 if 50+)

• SEP-IRA: lesser of 25% of compensation or $70,000

• Solo 401(k) total contributions: $70,000 ($77,500 with catch-up at 50+)

• HSA — self-only: $4,300 ($5,300 if 55+)

• HSA — family: $8,550 ($9,550 if 55+)

Action items for small business owners

If you're a sole proprietor, S-Corp owner, or partner with self-employment income, a Solo 401(k) or SEP-IRA established by year-end can dramatically reduce your 2026 taxable income. Solo 401(k)s must be set up by December 31, 2026 to be a 2026-year plan; SEP-IRAs can be set up as late as your extended filing deadline.