Standard Mileage Method

Standard Mileage Method means:
a method that permits an automobile expense deduction based on a standard mileage rate, which in 1994 was 29 cents per mile but which will increase in the future. Parking and tolls are allowed in addition to this standard deduction. As an alternative to the standard mileage method, a taxpayer may keep detailed records of his or her various expenditures for a business automobile. Former IRC (check if this IRC provision is current here) §170(j).