Legal glossary
What is Legal Terms - Standard Mileage Rate?
Legal Terms - Standard Mileage Rate — Standard Mileage Rate Information: The Standard Mileage Rate is set by the Tax Code and is raised from time to time. The rate is set at so many cents per mile driven in pursuit of a business that the taxpayer owns or for certain other allowable mileage deductions. In some situations, the business owning taxpayer may be able to deduct, in lieu of a mileage deduction, a portion or all of a vehicle…
Standard Mileage Rate Information: The Standard Mileage Rate is set by the Tax Code and is raised from time to time. The rate is set at so many cents per mile driven in pursuit of a business that the taxpayer owns or for certain other allowable mileage deductions. In some situations, the business owning taxpayer may be able to deduct, in lieu of a mileage deduction, a portion or all of a vehicle purchase for use in the business.