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Standard Mileage Rate

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The standard mileage rate (SMR), also known as mileage per diem, is the amount per mile that the Internal Revenue Service (IRS) allows small businesses and self-employed persons to use to calculate their vehicle expenses for tax deduction purposes. Businesses that choose to use the standard mileage rate do so because it is easier to use than the actual costs method, which requires keeping complete records of expenses like gasoline, maintenance, tires, insurance, and license and registration fees.

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Copyright © 2011 Advameg, Inc.