Standard Mileage Rate
Definition of 'Standard Mileage Rate'A set rate the IRS allows for each mile driven by the taxpayer for business, charitable, medical or moving purposes. The standard mileage rate can be taken in lieu of actual expenses incurred when calculating deductible automobile expenses related to any of the four activities above. |
|
Investopedia explains 'Standard Mileage Rate'Although taxpayers have the choice of deducting either actual expenses or taking the standard mileage rate, the latter is usually chosen because it is not only simpler, but often provides a greater deduction.The standard mileage rates are based upon information compiled annually by Runzheimer International, an independent contractor to the IRS. |
Related Definitions
Articles Of Interest
-
Tax Credit For Plan Expenses Incurred By Small Businesses
Determine whether your business is eligible to claim a tax credit for establishing a retirement plan. -
Should You Incorporate Your Business?
Find out how becoming a corporation can protect and further your finances. -
3 Common Tax Questions Answered
We clarify some rules that often puzzle taxpayers. -
How To Get The Most Out Of Hiring An Accountant
When you hire an accountant, getting good tax advice going forward is as valuable as – or perhaps even more valuable than - getting the previous year’s taxes filed correctly. Learn what you need ... -
6 Financial Benefits Of Spring Cleaning
This year, combine your spring cleaning strategies with your big-picture financial objectives. -
IRS Special Enrollment Examination (SEE) Study Guide
The enrolled agent status is the highest credential awarded by the IRS. -
How To Deduct Your Job Search Expenses
With approximately 12 million Americans out of a job right now, many people are spending significant dollars to be noticed by potential employers. Fortunately, some of these job-search costs ... -
Government Could Limit Chartiable Tax Deductions
The desperate search for revenue by the U.S. government means one of the key deductions that may be up for either reduction or elimination is for charitable giving. -
8 Little-Known Tax Deductions And Credits
These little-known tax deductions can lead you to finding your own unique expenses that you didn't know you could claim. -
5 Painless Ways To Save More Money
Saving money can be a chore, but these tricks put money in your pocket with no effort at all.
Free Annual Reports