The mileage allowance is what people call the IRS standard mileage rate for a deduction. It is also often referred to as what employers will reimburse employees for business miles. These drives can be for business, medical or charity drives.
The federal mileage rates for 2016, or what some refer to as mileage allowance this year are:
The mileage allowance is what some refer to as the rate at which you can take a deduction for certain types of drives. Of course, the IRS doesn't just take your word for this. You need an accurate mileage log.
For your mileage log for a business deduction, the IRS requires a record of:
Unless you have an accurate mileage log, the IRS may deny your mileage deduction. Not only that, it may also impose fees or penalties if it denies your deduction.
The IRS has no specified requirements when it comes to a mileage reimbursement. You could use your personal car for work and your employer doesn't have to offer you compensation for it.
Fortunately, many companies offer a mileage allowance or mileage reimbursement. This is likely because they want to attract and keep good workers. This doesn't always have to be a straight reimbursement for miles. It could also come in the form of a gas reimbursement or other allowance.
The tax impact varies depending on if it's what's known as an accountable plan. An accountable plan is an expense allowance of reimbursement that follows these requirements:
If your policy meets these conditions, you likely won't have to pay income taxes on it. You can't double-dip and take a mileage deduction for these expenses, though.
If yours isn't part of an accountable plan, your company will include them on your W2. This means it will be subject to income taxes like you would wages. You can deduct all your business mileage at the standard mileage rate, though.
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