Standard Mileage Rate


Also found in: Acronyms.

Standard Mileage Rate

A small amount (less than $1) that one is allowed to deduct from one's income for business use of a vehicle. The standard mileage rate is multiplied by the number of miles that the vehicle is driven for business use. This is used in lieu of deducting actual expenses (such as gas and maintenance) on the vehicle.
References in periodicals archive ?
The Internal Revenue Service issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
A 'reserve rate' of reimbursement to replace the public transport rate (PTR) which would be 50% of the proposed new standard mileage rate
The IRS issued the 2013 optional standard mileage rates used to determine deductible costs of operating a car for business, charitable, medical, or moving purposes.
A simplified Form 2106-EZ may be used in certain situations using the standard mileage rate.
There generally are two methods to figure deductible expenses: standard mileage rate (for 2005, the Internal Revenue Service set this at 40.
Individuals who use their vehicles for business can deduct a standard mileage rate for such use.
If you use your car for business, you can deduct your actual expenses or rely on an IRS standard mileage rate.
Mileage: The Internal Revenue Service standard mileage rate for business use increased to 34.
The standard mileage rate for the cost of operating your car, van, pickup or panel truck in 2000 is 32.
Increased IRS standard mileage rate for business, medical, and moving purposes
For more information, see Notice 2013-80, which contains the standard mileage rates, the amount taxpayers must use to calculate reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost taxpayers may use to calculate the allowance under a fixed and variable rate plan.

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