What expense category does mileage come under?
There is no definitive answer to this question, as the correct expense category for mileage will depend on the business and the specific circumstances under which the mileage is being incurred. However, some common expense categories for mileage include travel expenses, transportation expenses, and vehicle expenses.
If the mileage is being incurred as part of business travel, then it is likely that it will fall under the travel expenses category. This could include mileage for travel to and from meetings, conferences, and other business-related events.
Another common category for mileage expenses is transportation expenses. This could include mileage for travel to and from clients, customers, and suppliers. It could also include mileage for travel to and from the business premises.
If the business owns a vehicle, then the mileage incurred by that vehicle is likely to fall under the vehicle expenses category. This could include mileage for travel to and from business premises, as well as mileage for business travel.
It is important to note that there is no right or wrong answer when it comes to categorizing mileage expenses. The most important thing is that the expenses are properly recorded and accounted for, so that the business can claim the appropriate deductions on its taxes.