Mileage Allowance
A deduction of automobile expenses for people using their vehicles for business, charity, moving, medical or any other purpose that qualifies for a deduction. Investopedia Says:
There are different categories of purposes for deductible automobile-expenses, each of which has a specific cent-per-mile deduction. Careful documentation of the mileage and the reason for the trip is essential for audit-proofing your taxes. Related Terms:
Child Tax Credit
Convention Expenses
Deduction
Exempt Income
Gas Guzzler Tax
Income Tax
Itemized Deduction
Lifetime Learning Credit
Write-Off |