Standard Mileage Rate

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Dictionary Says

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 Says

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.
Search results for

'Standard Mileage Rate'

  • 10 Tax Benefits For The Self-Employed

    http://www.investopedia.com/articles/tax/09/self-employed-tax-deductions.asp
    ... You can either deduct the standard mileage rate (determined annually by the
    IRS) or deduct your actual expenses. The standard mileage ...

  • 10 Most Overlooked Tax Deductions

    http://www.investopedia.com/articles/tax/09/overlooked-tax-deductions.asp
    ... activities and keep receipts for public transportation or mileage logs for your
    car (for which you can charge the standard mileage rate for charitable ...

  • Tax Deductions You May Be Missing

    http://www.investopedia.com/articles/tax/09/personal-business-tax-tips.asp
    ... Vehicle insurance can also be deducted, if the taxpayer is elected to report
    actual expenses and is not taking the standard mileage rate. ...

  • How To Write Off Moving Expenses - Investopedia.com

    http://financialedge.investopedia.com/financial-edge/1111/How-To-Write-Off-Moving-Expenses.aspx
    ... You can deduct the standard mileage deduction of 16.5 cents ... Gas and tolls or mileage
    for excursions you make ... as part of a relocation package. Rate this Article ...

  • Tax Deductions For Rental Property Owners

    http://www.investopedia.com/articles/pf/06/rentalowner.asp
    ... its depreciation. You have two choices on how to deduct travel expenses:
    the actual expenses or the standard mileage rate. You can ...

  • 4 More Can't-Miss Health Deductions Slideshow | Investopedia

    http://www.investopedia.com/slide-show/health-deductions
    ... to obtain medical care, which means you can write off the expense of taking the
    bus, car expenses (the standard mileage deduction for ... Rate data provided by. ...

  • 4 More Can't-Miss Health Deductions Slideshow | Investopedia

    http://www.investopedia.com/slide-show/health-deductions/conclusion.aspx
    ... to obtain medical care, which means you can write off the expense of taking the
    bus, car expenses (the standard mileage deduction for ... Rate data provided by. ...

  • 4 More Can't-Miss Health Deductions Slideshow | Investopedia

    http://www.investopedia.com/slide-show/health-deductions/ltc.aspx
    ... to obtain medical care, which means you can write off the expense of taking the
    bus, car expenses (the standard mileage deduction for ... Rate data provided by. ...

  • 4 More Can't-Miss Health Deductions Slideshow | Investopedia

    http://www.investopedia.com/slide-show/health-deductions/copayments.aspx
    ... to obtain medical care, which means you can write off the expense of taking the
    bus, car expenses (the standard mileage deduction for ... Rate data provided by. ...

  • 4 More Can't-Miss Health Deductions Slideshow | Investopedia

    http://www.investopedia.com/slide-show/health-deductions/conclusion.aspx?lastSlide=1
    ... to obtain medical care, which means you can write off the expense of taking the
    bus, car expenses (the standard mileage deduction for ... Rate data provided by. ...

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