Definition. The total sum of money due for the purchase of a good or service that must be paid by the set due date. In relation to taxes, the money owed to the government when required tax amount totals a greater number than total tax payments previously made.efinition. The total sum of money due for the purchase of a good or service that must be paid by the set due date. In relation to taxes, the money owed to the government when required tax amount totals a greater number than total tax payments previously made.
The Internal Revenue Service has set the special per diem rates starting Oct. 1, 2015, which taxpayers can use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home.
Mileage Rate Variance. In July 2011, the Internal Revenue Service reviewed mileage reimbursement rates for all business travel and increased the allowable reimbursement to $0.55 per mile. The GSA and DOD did not raise their allowable mileage rate in July 2011. Normally, the IRS rate for vehicle mileage is an itemized deduction for business income tax.