standard mileage rate

Definition of "standard mileage rate"
  1. An annual rate set by the Internal Revenue Service for small businesses and self-employed individuals to determine their vehicle expenses for tax deductions
How to use "standard mileage rate" in a sentence
  1. The accounting firm advised the client to check the current standard mileage rate.
  2. For tax deduction purposes, he calculated his vehicle expenses using the standard mileage rate.
  3. The new law led to an increase in the standard mileage rate, benefiting small businesses.

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