Mileage deduction: definition, example, and why it matters
Two methods: standard mileage rate (IRS sets it yearly — $0.67/mile in 2024) or actual expenses (gas, maintenance, depreciation). Most trades use standard. Glo Invoice's mileage tracker auto-categorizes job trips.
Short definition. Deducting the cost of business driving from taxable income.
Category. Mileage deduction is a tax term used by service businesses when billing customers.
How Glo Invoice handles it. Glo Invoice builds mileage deduction into the invoice itself, so you don't track it on paper or in a spreadsheet.
Frequently asked questions
What does mileage deduction mean?
Two methods: standard mileage rate (IRS sets it yearly — $0.67/mile in 2024) or actual expenses (gas, maintenance, depreciation). Most trades use standard. Glo Invoice's mileage tracker auto-categorizes job trips.
Related terms
Tax deduction — A business expense that reduces taxable income.
