What AUTOMOBILE EXPENSES means: Taxpayers can deduct automobile expenses only to the extent the automobile is used for business, for charitable purposes, for moving expense purposes, and for medical purposes. Expenses can be figured using the actual cost method (defined elsewhere) or by using the standard mileage rate (defined elsewhere).
- Definition Adjustment To Income:
- Dictionary An expense that may be deducted even if the taxpayer does not itemize deductions. Adjustments to income are subtracted from gross income to arrive at adjusted gross income automobile expenses definition.
- Definition Accounting Method:
- Dictionary The method under which income and expenses are determined for tax purposes. Major accounting methods are the cash method and the accrual method automobile expenses explain.
- Definition Active Participant:
- Dictionary A taxpayer who is covered by an employer-maintained qualified retirement plan, or a qualified self-employed retirement plan, if even for only one day during the year automobile expenses what is.
- Definition Accounting Period:
- Dictionary The period (normally 12 months) that a taxpayer uses to determine federal income tax liability. Unless a taxpayer makes a specific choice to the contrary, his accounting period is the calendar year automobile expenses meaning.
How works Automobile Expenses meaning in Tax definitions A .