Mileage Allowance


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Mileage Allowance

In the United States, a tax deduction for driving one's own car for certain purposes. If a taxpayer keeps track of miles driven for moving, medical issues, job-seeking, and some business purposes, the IRS allows a deduction of so many cents per mile, depending on the specific use and the tax year. It is important to note that commuting to and from one's place of business or employment is not covered under the mileage allowance, nor is the use of public transportation for any reason.
References in periodicals archive ?
The PAC said: "Noting that the SRC circular dated June 11, 2013, is clear and precise on the processing of mileage allowance, the committee resolves that the PSC be guided by the said circular, thereby resolving the audit query.
WAVs come with a 100,000 mileage allowance on a five-year lease.
Before commenting that a 45p mileage allowance was probably quite a reasonable rate.
Claim business mileage: The mileage allowance for business use of a vehicle is 44.
So long as the mileage allowance paid is greater than the advisory figures published by HM Revenue & Customs, a business can treat these payments as the reimbursement of VAT inclusive fuel costs and reclaim the VAT.
Reimbursement may be made either by means of a mileage allowance or on the basis of the actual amount paid.
The board approved a three-year contract with Fisher that will pay him $145,000 a year in salary and will include a $10,000 annual annuity and a $500 monthly mileage allowance.
They are paid a mileage allowance of 34 cents per kilometer that helps cover a portion of the costs of excess insurance.
An alternative way is to obtain either a car allowance to purchase the car yourself with perhaps a mileage allowance, whereby you claim back from your employer the cost of the total business mileage used per month.
Other new features of the software include updated support for the Statutory Maternity Pay legislation and new arrangements for reclaiming it from the Inland Revenue as well as submissions for the Mileage Allowance Relief Optional Reporting Scheme which lets employees claim tax relief by reporting losses.
The mileage allowance is in lieu of a separate deduction for lease payments, depreciation, maintenance, repairs, gas, oil, insurance, tires, and license and registration fees.