Set the bit at a hight about a 1/16th of an inch higher than the thickness of your stock. That way, you'll have a just bit of end grain to remove for a flush joint. For aesthetic purposes, some set the height an 8th or so higher than the stock and leave the ends proud.
'The true soldier fights not because he hates what is in front of him, but because he loves what is behind him.' G. K. Chesterton
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