#Mileage tax

[minicy]

i gotta say, a cool $5k in my bank account would be really cool right about now

#combo of my good gas mileage car getting held ransom and my brother suddenly moving out and raising my rent 50% has me. augh #mostly making the post bc the barely-more-than-interest payments on my credit card feel Fucking Bad and if i could just. not have that. wow #like i can still get takeout on occasion and eat gluten free bagels and chicken breasts. i will be fine. but also. augh. #also though dont even get me started on the gluten removal tax. it triggers my fibro shit really badly so if i want to work.. #i will pay $6 for a box of crackers and $9 for a loaf of bread. and thats most of the easy lunches to take to work right there. #and the adhd makes it hard to plan other lunches in advance... you can see the issues #i cant even have. like. backup lunches or anything. no cup noodle in my classroom or anything like that. cos they have BREAD #and FLOUR. #actually though now that i think about it i could leave some cans of soup in my classroom. thatd be a good idea. anyway. #contribute to the random-tumblr-asshole's curry takeout and can of soup fund today #squawk

[hazardsoflove]

went to target for a notebook and pens and left with a box full of peppermint hot chocolate and peppermint flavored whipped cream

#i also got the notebook and pens. i gotta keep track of my mileage or whatever for taxes or smthn idk #r.txt

[georgeshutcheson]

Claim Tax Relief On Using Own Car For Work

New Post has been published on https://www.fastaccountant.co.uk/using-own-car-for-work/

Claim Tax Relief On Using Own Car For Work

Are you aware that you may be eligible to claim tax relief for using own car for work? If you use your own vehicle for work purposes, you could potentially receive tax relief on the approved mileage rate for the cost of owning and running your vehicle. It’s important to keep records of your work journeys and mileage for each vehicle type used, subtracting any amount your employer pays you towards your costs. If you use a company car for business trips, you can claim tax relief on the money spent on fuel and electricity, as long as you keep records to show the actual cost. To check if you’re eligible and make a claim, you can use the online service provided. Remember, if you complete a Self Assessment tax return, you must claim through that instead.

Overview

In this comprehensive article, we will guide you through the process of claiming tax relief for using own car for work. We will provide information on how much you can claim and the approved mileage rates for different modes of transportation. Additionally, we will explain how to make a claim and the options available for submitting your claim for tax relief on using own car for work.

  Vehicles you use for work

Using your own vehicle for work can qualify you for tax relief on the approved mileage rate. This rate covers the cost of owning and running your vehicle and applies to cars, vans, motorcycles, and bicycles. However, commuting to and from your regular place of work is not included unless it’s a temporary work location. The amount you can claim depends on whether you use a vehicle that you’ve bought or leased with your own money or a company vehicle owned or leased by your employer.

Using your own vehicle for work

If you use your own vehicle for work purposes, you can claim tax relief on the approved mileage rate. This rate covers the cost of fuel, vehicle tax, MOTs, and repairs. To determine how much you can claim for each tax year, you should keep records of the dates and mileage of your work-related journeys. Subtract any amount your employer pays you towards your costs, known as a ‘mileage allowance’, from your total claim.

Using a company car for business

If you use a company car for business trips, you can claim tax relief on the money you’ve spent on fuel and electricity. Keep records to show the actual cost of the fuel, and if your employer reimburses some of the money, you can claim relief on the difference.

How much you can claim

The amount you can claim for tax relief depends on the specific expense and whether you are using your own resources or a company vehicle. It’s important to keep detailed records of all relevant expenses and consult with a tax professional or refer to HM Revenue & Customs guidelines to determine the exact amount you can claim for each category.

Approved mileage rates

For individuals using vehicles for work purposes, there are approved mileage rates that determine how much tax relief can be claimed. These rates differ depending on the type of vehicle and the number of business miles travelled in the tax year.

First 10,000 business miles in the tax year

For cars and vans, the approved mileage rate is 45p per mile for the first 10,000 business miles in the tax year. For motorcycles, the rate is 24p per mile, and for bicycles, it is 20p per mile.

Each business mile over 10,000 in the tax year

Once you exceed 10,000 business miles in the tax year, the approved mileage rate decreases. For cars and vans, the rate becomes 25p per mile, and for motorcycles and bicycles, it remains at 24p per mile and 20p per mile, respectively.

How to claim on using own car for work

To claim tax relief for your expenses, you can use an online service provided by HM Revenue & Customs. This service allows you to check if you are eligible for a claim and to submit your claim electronically. It is a user-friendly process that provides step-by-step guidance to ensure you complete your claim accurately.

Use this service

By using the online service, you can easily determine your eligibility for a claim and submit your claim electronically. The service will guide you through the necessary steps and ensure you provide all the required information to support your claim.

If you complete a Self Assessment tax return, you must claim through your tax return instead

For individuals who complete a Self Assessment tax return, it is important to note that any claims for tax relief on job expenses must be made through your tax return.

In conclusion, claiming tax relief for job expenses can provide you with valuable savings and reimbursements for expenses incurred while carrying out your work. Whether it’s expenses related to working from home, using vehicles, purchasing equipment, or paying fees and subscriptions, it’s important to keep detailed records and consult with a tax professional or refer to HM Revenue & Customs guidelines to ensure you claim the appropriate amount. By utilizing the online service or including the necessary information in your tax return, you can ensure a smooth and accurate process for claiming your tax relief.

#mileage claim #mileage deductions on taxes #tax deduct mileage #using own car for work

[gnarlykickflip]

i thought i had previously posted "one thing about me is that i will spend $32 on gas" a couple months ago but i cant find the post so maybe i decided against it. but anyway, nowadays i am spending at least $35 on gas and im not a fan of it tbqfh.

#personal #mileage deduction should go up when gas prices go up. but it should never go down #actually i should just not have to worry about paying taxes period

[fvckwithmefamo]

Comprehensive Guide To Mileage Tax Relief

Have you ever wondered if the miles you drive for work could save you money on your taxes? Well, they absolutely can through mileage tax relief. In this guide, we will walk through the ins and outs of this benefit, from understanding what it is to how to claim it and maximize your work mileage tax rebate. Understanding Mileage Tax Relief So, what exactly is mileage tax relief? Simply put, it’s a…

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#mileage allowance relief #mileage tax rebate #Mileage Tax Relief #work mileage tax rebate

[superkilometerfilter]

How To Claim Mileage?

We all know that owning a vehicle requests a lot of money. If you own an automobile, you most probably know the average monthly budget for the fuel, insurance, parking, and unforeseen repair costs. All in all, the auto-related costs might take a quite big part of income, especially if you use a car for business purposes. Nonetheless, there is good news for individuals who use automobiles for business purposes.

Self-employed, small business owners, volunteers and not only, who use their own vehicles for business purposes can save money by deducting mileage on tax.

Below we will discuss every detail related to mileage deduction tax. If you are not sure whether you are eligible or not for the deduction, don’t worry, we will clarify the eligibility issue in detail. Besides, we will find out how the mileage claiming on taxes work, and how to do it. I’m sure after reading the blog, you won’t have any further questions related to the topic. So, let’s start exploring!

WHAT IS THE TAX DEDUCTION FOR MILEAGE?

Mileage deduction might seem blurred for many individuals. On the one hand, you might even think that the task refers only to professional tax attorneys. Even though the field might seem complicated, I’ll try to explain each detail in simple words.

In general, there are two ways of claiming a tax benefit, claiming mileage and actual car expenses. The actual car expense method lets you claim a car repair, insurance, and other related costs as well. Before diving into details of claiming mileage on taxes, let’s explore the meaning of mileage rate, which plays a huge role in this method.

The mileage rate, for some individuals, is associated with a mileage allowance, deductible mileage, or per diem. In simple words, the mileage rate determines how much deduction you get, after using a private car for business purposes. The mileage rate is set by the U.S. Internal Revenue Service (IRS), annually. There are three different mileage rates for a business – 56 cents, charitable – 14 cents, and medical, or moving expense purposes – 16 cents.

Who can claim the mileage on taxes?

As you already have a picture of what a miles deduction means, you might wonder whether you are eligible or not for claiming the deduction. Here is the list of individuals who may claim the mileage on taxes:

Self-employed individuals, or contractors (for instance, rideshare drivers);

Small business owners;

Reservists in the armed forces, artists, fee-based government officials, and other certain types of employees;

Individuals using a vehicle for volunteer jobs or for medical appointments.

Hence, if you meet one of the above-mentioned criteria, then you are eligible to claim the mileage.

Now since you already own generic information about the topic, we can continue exploring further details about claiming business mileage.

HOW DOES CLAIMING MILEAGE ON TAXES WORK?

You already know that there are two ways of claiming mileage on taxes, but do you know what specifications they have?

It is important to know that if you use the actual car expense method for writing off mileage on taxes for the first year, then you must stick to this method for the upcoming years as well. There is no way to choose another method… But in case of choosing the mileage rate method, you can choose a different method in another year.

For that reason, I would advise you to choose the mileage rate for the first year, and in case you don’t like it, you can change it without any issue. Even if you change your mind, you can again switch back to the standard mileage rate.

Important Notes

Sometimes individuals confuse exactly which location is deductible and which not… For that reason, it’s preferable to highlight important mileage deduction rules.

If you are a contractor driver for a rideshare service, you must be confused exactly which distance can be deductible. You might wonder whether you should deduct distance from home to pick up the first rider or not? The answer to the question is – No. You shouldn’t deduct the distance. The trip from home to a business location, to the office, to the pick up point, etc. is not deductible! You can deduct distance only between A to B business points.

The only exception is in case your home office is your business location at the same time. In that case, you are eligible for mileage deduction tax for a trip from home to the client.

Sometimes individuals think that they should own some special type of vehicle for claiming mileage on taxes. That’s not true! You can use any type of vehicle according to your business purposes. Any transportation costs, no matter the type or brand of auto, are deductible as business operating expenses if they are necessary for the business.

HOW TO CLAIM MILEAGE ON TAXES?

After clarifying generic information, it’s time to move on to the most useful and practical side of the topic, how to claim mileage on taxes. To answer the question, we should note that there are different mileage rates depending on the business purposes, and claiming mileage is different for each purpose. You will need different forms and mileage rates for calculating the deductible amount. In case you are a self-employed individual, you should use C form and provide the number of covered business distances during the tax year.

Besides the business field, it plays a huge role in which method you are choosing for the deduction. If you choose actual auto expenses, then you should keep all receipts and documentation related to driving costs. But if you prefer standard mileage deduction, you will only need to maintain a log of qualifying mileage driven. You should report the automobile’s odometer at the beginning of the tax year, but in case you change a vehicle during a year, then you should record the odometer data from the first date it was deployed.

How does the standard mileage deduction tax work?

Let’s dive a bit deeper and explore what to do in case you choose the standard mileage deduction tax. At the start of each business trip, you should record the odometer data and indicate the purpose, date, and the A to B location addresses. At the end of the business trip, you should record the odometer data again and subtract the mileage data as of starting the trip. That way you will clarify the distance of the business trip.

In case of choosing actual expense deduction, you shouldn’t keep a recording of each business trip distance. Instead of it, you should keep receipts and any documentation related to car expenses.

CONCLUSION

All in all, nonetheless the topic seemed blurred, hopefully, now you have a clear picture of claiming mileage on taxes. Now you know that you can choose one of the options out of the two available methods. Also, you can clearly define whether you are eligible for the mileage claim or not. Besides, you know in which circumstances you can use the opportunity and save money on taxes. I guess you found the mentioned information useful. Wish you good luck!

#claim #mileage #tax

[realnewsposts]

Why Keeping a Mileage Log is Crucial for Maximizing Tax Deductions

If you’re a self-employed freelancer or small business owner, keep a mileage log to track your business-related miles. This is important because it can help you claim a tax deduction. The IRS requires that you keep timely records of all your driving and travel expenses, including the odometer readings at the beginning and end of each trip and the purpose, location, and date. Continue reading…

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#finances #milage log #mileage logging #save money #tax audit #taxes

[eightw]

as a texan i can agree 89% of the people here who have trucks don’t need em. but if he was filling it with diesel it was most likely a semi. he’s a trucker. he’s shipping groceries or some shit.

oops i didn’t even think of that, altho 32 gallons doesn’t sound like a semi to me? (idk shit abt vehicles 🕺)

here in sask when i see ppl complain abt diesel prices it’s always someone with a massive pick up truck. cuz there’s a lot of ppl with those lol

#can’t go down a street without seeing a diesal pickup with shit mileage #what do they use them for? driving to work. pulling a trailer once a year ☝️ #same ppl against the carbon tax

[onlinetruckingsolution]

Best IFTA Calculator Software For Trucking Businesses

Choosing the best IFTA calculator software for trucking businesses depends on your needs and preferences. We hope that through this article, you were able to find a solution that suits your company’s specific requirements. With the right software, it is time to set your path toward improved automation and increased efficiency. So make sure to invest in good quality IFTA calculator software.

#IFTA state mileage calculator #IFTA mileage calculator #IFTA reporting software #IFTA fuel tax mileage calculator #IFTA reporting

[extervus]

Have resigned myself to the fact that saving up for anything is a fool's errand because of the state of the world, and the only two things I'm ever even saving up for is a new car and a place of my own. So. I'm just gonna say fuck it we ball and buy a new car :]

#shut up max #my dad is helping out with the down payment + title/tags + taxes for the first five years #so thatll help out a bunch and then with my great credit score + if I do an 84 month deal #ill only be paying about 350 a month for the car itself #which i know an 84 month deal isnt great or whatever. but i dont care #i plan on actually putting my annual bonuses (which run about $1500) towards it each year so thatll help pay it off sooner #by doing that id have it paid off in five years TOPS #anyways #my savings account is lookin a lil rough ngl but i know its cause of a) the recent many car repairs #and b) i havent been putting as much as usual into savings cause of the Christmas shopping #also i should clarify. its a used car. but its new to me so im calling it new #plus its got great mileage #only been driven about an average of 6575 miles a year #either way. buying this new car should help me in the long run in terms of like. not having to fix something wrong with my car every couple #of months. lmao #a place of my own to live will just have to wait. a while

[freeexceldownloads]

Simple Daily Mileage Log

Simple Daily Mileage Log

Download free excel template to capture mileage odometer reading for your vehicle on daily basis. This is a printable mileage log format in Excel. This can be useful for business managers, administration manager and vehicle company owners. About Simple Daily Mileage Log Excel Format To understand the consumption of fuel, distance covered and other important information, the need of capturing,…

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#business mileage log #daily vehicle mileage excel template #excel #excel mileage calculator template #excel mileage log template #excel mileage template #free excel mileage template #make mileage log #mileage claim form template excel #mileage log #mileage log book template #mileage log excel #mileage log for taxes #mileage log generator #mileage log template #mileage log template for self employed #real estate mileage log #uber mileage log #vehicle mileage log template

[amerasdreams]

Drive total of 52 miles (round trip) 2 days to go back to town to pet sit 2 dogs, 4 cats and a turtle from a small town where I'm staying at taking care of 6 cats and 4 chickens

#of course im. dead tired #woke up at 4 #tried to sleep for 4 hours... #i sent the dr a message #pet sitting #fun if i wasnt dead tired and didn't hate driving #scared of going back in the dark thru deer country #i did this to myself #i didnt have to take this 2nd one #i have to come back in morning #i did it bc i had to come back to volunteer anyway #and ill put mileage on my taxes so itll help w deductions otherwise i #wouldnt be paid for the trip back #went to see my cats #brought dinner over here #did duolingo #i also took it bc her dad is sick and i wanted to help #also get paid but thats #a lot of driving #bed early...

[moyalucom]

Fed unavoidable Rate Cut to raise Economy and Job Market

Fed unavoidable Rate Cut to raise Economy and Job Market

As economic problems persist in market despite government efforts to ease crises with bailout packages another step would be necessary. Fed. might have to cut rates by 0.5 to 1 basis points to ease Wall Street desperate moves of selling stocks. already Alan Greenspan who ran the Fed for 8 ½ years admitted that he made mistakes that may have aggravated the economy’s slump. With economy already at…

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#fed calendar #fed election results #fed holidays #fed instructions #fed mileage rate #fed pay raise #fed tax brackets #fed tax forms #fed tax table chart #fed tax tables

[tmdaccounting]

#Accounting #Bookkeeping #Accounting Services #Bookkeeping Services #Car Tax Deductions #Write Off Vehicles For Mileage #Mileage

[withgreatpowercomesmyfuckingdick]

Hi! Imma do something rare and actually make content, but its 11 at night and i just had a brain worm

for those of you that don’t know, i work at an accounting office. we do taxes. it is tax season. and now im thinking abt how AGSZC does taxes and what their papers are like and im inflicting it on the rest of you even if its gibberish

Angeal: A godsend. Keeps his forms in order and filed properly, calculates everything else himself like a good man. Papers honestly aren’t too bad, maybe 10-12 just because of his career/insurance plus his doubtless donations to charity, but aside from that. straightforward and done at his kitchen table

Genesis: A fucking NIGHTMARE. no doubt pays someone else to do it. and for fucks sake, i know he invests. constantly and consistently and probably in anything he thinks stands the slightest chance against shinra on the market. his 1099-B is a mess and definitely Not Totaled, so his is the bullshit you have to insert one. investment. at. a time. He’s the type that keeps fucking calling too, I can just tell. but, aside from the 1099-B, he’s probably got simple stuff as well. probably several 1099-INTs from several different bank accounts, maybe a couple 1098s floating around from vacation houses or some shit.

Sephiroth: Does his own. In ridiculously early. Makes almost no personal purchases so hardly has anything to pay. I can’t imagine not having a last name or not knowing his birthday doesn’t end up a legal problem somehow, so he likely has to walk directly into a damn tax office to say hey this is me and this is my shit no, someone isn’t stealing my identity. has one singular document and it’s his W-2. Which is. Fucking astronomical. Like, the number doesn’t even look right. His paycheck as a SOLDIER isn’t taxed, so he doesn’t really get much back on his refund. The only first without a healthcare /insurance form because why tf would Sephiroth have healthcare? What’s he gonna do, get sick?

not getting into how doing his own taxes was definitely a fight between him and Hojo at some point and ended up getting hashed out in a board room. Hojo didn’t like him having the autonomy of filing for himself instead of being claimed ad Hojo’s ‘dependent’. Sephiroth deadass threatened to go to court abt it. The President told Hojo to suck it up so they didn’t have to deal with scandal, Hojo wouldn’t tell Seph his birthday to be difficult, and here we are

Zack: Panicking. Late. Doesn’t know if his forms came in the mail, doesn’t know where he put them most of the time. Scrambles around for a fuck ton of receipts, ultimately has to request Shinra send him his shit again. DEFINITELY pays someone else to do it. W-2, 1095-A, 1099-C(s)(he has several debts i can feel it i love him but he screams bad financial decisions), probably some shit for his bike too. He customs it so I can see him listing some parts he buys for it as work expenses. Jokingly puts some money he gave aerith for flowers and what he spent to make her wagon as donations to charity and it actually goes through because the church is still considered a legal entity. Definitely has to pay late fees.

Cloud: Pays Tifa to do it. Filing for both of them is a nightmare cause all their shit burnt in Nibelheim, so once Edge gets right with the WRO they have to do all their paperwork from scratch and get reassigned SSNs. He genuinely has a fuckton of paperwork from doing the Strife Delivery Service. Luckily, only ‘employee’ he has is Tifa, and even then she doesn’t do things regularly aside from pick up the phone. Doesn’t make his business an LLC until he’s literally forced to due to his number of clients and someone trying to sue him for damages. 1099-NEC for TIfa for sure, then once he’s an LLC, some yearly maintenance to keep legal. Mileage and gas expenses go CRAZY on his self employment form, I fucking bet. I bet Cloud’s handwriting is shit tho. Tifa’s at her desk counting up his gains and losses for fucking ages because his fives look too similar to sixes. Eventually she wrangles him into installing some shit on his phone that counts it up, if only to cure her headache. Funnily enough, he does get veteran benefits from what’s left of Shinra’s shit, reparations of sorts, but he doesn’t keep it. All goes to charity, so that ends up in the books too.

alright, that was unnecessarily in depth and way longer than i planned. good night LMAO

#ff7 #final fantasy 7 #ffvii #sephiroth #cloud strife #final fantasy vii #ff7 cloud #zack fair #genesis rhapsodos #angeal hewley #ao3 #agszc #sephiroth ff7 #ff7 zack #cloud ffvii #ffvii genesis #ffvii sephiroth #fucking taxes bro #tax season #honestly this is just off the top of my head might add some shit later #shitpost (tentative)

[superkilometerfilter]

The Mileage Tax – What To Expect Out Of The Proposal

The mileage tax proposal caused debates. It has not been implemented yet. However, experts have different points of view. Some experts expect that it may decrease expenses for some individuals. Others suggest that it favors gas SUVs and trucks. Despite the fact that currently, it is only a pilot program, complete switching is planned in 10 years. The Biden administration may or may not implement vehicle miles traveled fees.

If you search for the mileage tax Pete Buttigieg, you will come across multiple posts that refer to this topic and this is for a reason. Pete Buttigieg, the United States secretary of transportation has clearly expressed his support for the proposal. As he says, the plan is promising, as revenue generation will most likely come from different sources. It’s planned to test the programs’ effectiveness through pilot programs in all 50 states. There will be volunteer drivers who will track covered miles with GPS and data apps, during a certain period.

Until now, a lot of details are blurred and need clarification. For that reason, below we will review all the needed information that makes the topic more understandable.

WHAT DOES THE PAY PER MILE ROAD TAX MEAN?

As it’s known, the new $1 trillion infrastructure package will include a vehicle mileage tax program. The aim of the pay per mile road tax package is to raise revenue for transportation and infrastructure projects and test the feasibility of a road usage fee. Infrastructure needs more revenue than what is coming from fuel taxes. As the President, Joe Biden noted 231,000 bridges and one in every five miles of US highways, 186,000 miles in total, are in need of repair.

The mileage tax referred to as a road tax pay per mile means the following. Under the proposal, it charges drivers a fee based on how many miles they drive. In simple words, the more you drive, the more you have to pay for taxes. The rate varies by state. The total tax fee is calculated upon the covered annual mileage.

Until now, no state has fully implemented the mileage tax proposal program. However, there are some states who have actively started implementing the pilot programs. There are many supporters and opponents of the proposal. Supporters state that there is not enough revenue for the needed infrastructure. Besides, fuel-efficient vehicles have reduced taxable gas consumption, which has not been increased in more than 20 years.

THE PROCESS OF THE MILEAGE TAX IMPLEMENTATION

The full implementation of the tax per mile proposal requests quite a big time. As experts assume, the complete switching to the new order might take up to 10 years. Some of the first states that have been involved in the pilot program are Oregon and Utah. The state launched a voluntary program in 2015.

The Oregon pilot program is also known as OReGO. Under the OReGO plan, volunteers don’t pay fuel tax. Instead of that, they pay only for covered mileage. The rate is 1.5 cents per mile. You may think that it will be troublesome to count and control the mile data. However, it’s quite simple. Drivers use GPS or apps that automatically count covered miles. Besides, they can use handwriting logs. Until now, only volunteers are involved in the program, but it is planned to make the program mandatory for all new vehicles starting in 2026.

The mileage tax, also known as the vehicle miles traveled (VMT) tax, has been tested in Utah as well. Notably, the interest was higher in Utah compared to Oregon state. More volunteers were involved than in Oregon. All in all, pilot programs operate on a small scale, which takes a longer time. The implementation details and rates are still in the planning process. For that reason, supporters and officials suggest quick adoption of the proposal to reach the goal. Besides, the Oregon program could be a good framework for other states as well.

ADVANTAGES AND DISADVANTAGES OF THE PAY PER MILE ROAD TAX

Combining all the data that you get upon searching for the “Mileage tax Pete Buttigieg”, can be overwhelming. To make a clear vision of the topic, it’s better to review its advantages and disadvantages.

Advantages

The main advantage of the program is that it will raise revenue for improving and implementing new transportation and infrastructure projects. In case a vehicle miles tax replaces a gasoline tax, then drivers will have to pay upon how much they drive, rather than pay at the pump.

Disadvantages

The main concern of the pay per mile road tax proposal is the privacy issue. Upon implementing the project, the government could track citizens’ movements. That is the thing that many drivers would consider as a big disadvantage. Besides, they have to use additional inventory, GPS, or an app system that tracks their movement.

TAKEAWAY

All in all, still there are many questions related to the road tax pay per mile. It is still unclear if mileage tax replaces a gasoline tax, or stays along with the previous model. Luckily, the implementation process has been started in several states and results can be used for improvement and refinement.

#mileage #road tax