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.


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.



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Related Terms

Child Tax Credit

Convention Expenses

Deduction

Exempt Income

Gas Guzzler Tax

Income Tax

Itemized Deduction

Lifetime Learning Credit

Write-Off

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