Investor Glossary-standard mileage rateInvestor Glossary-standard mileage rateInvestor Glossary-standard mileage rateInvestor Glossary-standard mileage rateInsightful stock market charts - Click here
investor
Categories    # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Standard Mileage Rate

The HTML to link to this page
 

The standard mileage rate refers to a federal tax deduction for miles driven related to charitable, business, medical, or moving purposes. Taxpayers have the option to claim either the standard mileage rate or the actual business, medical, moving, or charitable transportation related expenses incurred. Standard mileage rate can also substitute for vehicle maintenance and repair expenses, license fees, registration fees, and insurance fees. In addition to presenting a simpler calculation, the standard mileage rate usually results in a larger deduction than do direct expenses and for that reason is claimed more often. Leased cars are eligible for the standard mileage rate, provided they are used for the aforementioned purposes over the entire period of the lease. Vehicles depreciated under the Modified Accelerated Cost Recovery System (MACRS), hired vehicles such as taxis, and vehicles used in a fleet operations comprised of more than four vehicles are not eligible for the standard mileage rate. The IRS bases its standard mileage rate on data collected by Runzheimer International, a company specializing in employee mobility management.



Rate this standard mileage rate definition...

Learn about investing with the Investor Glossary Term of the Day


Click here for insightful stock market charts. Where is the market headed? The answer may surprise you. Find out
with the exclusive & Barron's recommended charts of Chart of the Day.


Popular Terms: implied volatility, EBITDA, minority interest, VIX, class C shares, 1035 exchange, real GDP, 401a, labor relations, per diem, required rate of return, reverse mortgage, stock market close, inflation, LIBOR, margin rate, 144a, debt service coverage, diluted share, in escrow, dividends payable, retained earnings, option premium, Key Rate Duration, quality assurance, FTSE, liquidity ratio, irrevocable trust, command economy, deferred revenue, wholly-owned subsidiary, cancelled check, covered put, average price per share, APR, Zero Cost Collar, 1031 exchange, current ratio, FICO score, balance sheet, annual return, stock split, deferred tax, ex-dividend date, phantom income, ex-dividend, open position, risk management, limit order


Accounting | Banking | Bonds | Brokers | Economy | Futures | Mutual Funds | Options | Real Estate | Retirement | Stocks | Taxes | Technical Analysis
Home | Term of the Day | Suggest a Term | Chart of the Day | Dogs of the Dow
©2004-2016 Investor Glossary - All rights reserved - Terms of Use