Special Trivia Question for 8/11/26 - S Corps and Vehicle Ownership

The standard mileage rate for automobiles is 72.5 cents in 2026. How much has this increased in the last 10 years?

A. 31%
B. 34%
C. 39%
D. 44%

The standard mileage rate was only 54 cents per mile in 2016.

Gas prices (up 74% since July 2016) , average vehicle prices (up 40-50%), and insurance have all increased far beyond this. The standard mileage rate is much easier for calculating reimbursements, but this suggests that it may not be keeping up with current costs.