Mileage rate

Mileage rate,

Definition of Mileage rate:

  1. The rate at which the IRS allows vehicle travel expenses to be deducted in certain situations based on mileage accumulated during the tax year. The 2011 mileage rate for business travel is 55.5 cents. Mileage deductions are also available at a lower rate for medical related travel and job transfers.

Meaning of Mileage rate & Mileage rate Definition