Is A Car Allowance Taxable?
I receive $500 per month as car allowance for my job. Do I claim this as income?
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asked 2 years ago
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Yes, you must pay taxes on it but you can claim your millage at the rate of 48.5 cents / mile as a deduction. If you drive about 1,000 miles/month for work then you should be able to deduct most of this $500 so that you don't pay taxes on it.
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