Standard Mileage Rate

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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.
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The Internal Revenue Service recently announced the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
The Bloomberg BNA Quick Tax Reference app has page after page of tax information for 2011-2013, including standard mileage rates, corporate tax rate schedule, individual rate schedule, standard deductions and personal exemptions, capital gains and dividends taxed as net capital gain, tax rates for estates, gift taxes, ERISA, tax code pension, retirement plan limits, and more.
IRS Standard Mileage Rates Cents Type of Use Period Per Mile Business 2010 50 2009 55 Medical or Moving 2010 16.
Standard mileage rates increased mid-year, which means to claim mileage, you'll need to break deductible mileage down between miles driven before and after July 1.
The Internal Revenue Service has issued its 2008 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
2006-49 sets the 2007 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
1, 2007, the standard mileage rates used by the IRS to calculate the deductible costs of operating an automobile will be 48.
New standard mileage rates are effective for the final four months of 2005; old rates apply for the first eight months of the year.
Generally, the standard mileage rates are set by the IRS and adjusted as needed.
2005-78 sets forth the 2006 optional standard mileage rates that may be used by employees, self-employed individuals and other taxpayers when computing the deductible costs of operating an automobile (including cars, vans, pickups or panel trucks) for business, medical, moving or charitable purposes.
The IRS increased the optional standard mileage rates for the final four months of 2005 to 48.
The Internal Revenue Service announced an increase to the optional standard mileage rates for the final four months of 2005, due to climbing fuel prices.

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