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Additional Details
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JK6969 | Can I claim mileage as a tax deduction for my car? |
My employer gives me a monthly car allowance and reimburses me for my gas.I was told I can claim roughly .47 cents a mile and deduct everything they have paid me (allowance and gas) Is this true? Any suggestions on what forms, etc. Thanks. Obviously this would be good for me because I drove about 45k miles last year for my job. |
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east_man1978
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It depends on your profession. I'm no tax consultant but you should be able to deduct business-related travel. Just make sure you can prove it. |
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superbird
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You can take the govt. deduction but you have to subtract the reimbursement.....no doubling up you know. |
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logsdodl
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Yes you can but you have to claim the money you get from your boss as earnings. As long as you are not claiming mileage to and from work. Only the miles while you are on the clock. |
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wordperfect
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It is true that you can claim the difference between what you were reimbursed and the standard rate; given your employer is not paying you .47 a mile. As far as documentation goes make sure you have your mileage/toll sheet and or your check stubs or W-2 that may show the reimbursement. This information comes from my very experienced tax guy who I just met with yesterday. Grant it you might have to look for all those logs (for safekeeping and honest evaluation) but given amount you travel your payoff could be well worth it. |
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bostonianinmo
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Commuting miles are never deductible. Any other business use is deductible to the extent that you are not reimbursed for the expenses.
If you are reimbursed under an accountable plan you can ignore the expenses and reimbursements; it's a wash. You are under an accountable plan if your employer requires you to track and report your miles driven and pays you the current IRS rate for ALL of those miles (48.5¢ for all of 2007) OR if your employer requires you to track and report your actual costs and pays you that amount.
If you are not reimbursed under an accountable plan then you must keep track of your expenses and reimbursements yourself. If the reimbursements are MORE than your costs the excess is taxable income to you. If the reimbursements are LESS than your costs you may have a deductible expense. File Form 2106 to calculate the income or deductible expense. If you have a deductible expense it flows to the Miscellaneous Deductions section of Schedule A and is subject to a 2% AGI floor there. You must itemize to receive any benefit for the unreimbursed expenses. |
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Raymond R
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Yes, I would believe so, if it is established that this was for work purposes. |
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stephenweinstein
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At current gas prices, the amount that they paid you for gas plus the monthly allowance might be more than the $0.47 per miles... Check whether you will save any money before you do this.
Business use of your personal vehicle can be deducted. IF you are eligible to use the standard mileage rate, then you multiply that rate by the miles you drove for work, excluding commuting, and subtract the reimbursements and allowances. IF you are not eligible to use the standard mileage rate, then you calculate your total costs: tires, insurance, depreciation, etc.; pro-rate based on what fraction of use was for work; subtract the reimbursements and allowances; and wonder whether the refund was worth the math. |
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v b
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Let's assume you have the mileage logs.
Let's assume the monthly car allowance is in your W-2 and the gas isn't.
You start by taking the 45,000
You multiply by .485
you subtract the gas money.
you subtract 2% of your AGI.
You have enough money to itemize and your 1040 taxes go down a little bit, counter acting the car allowance.
But then you look at your taxes and see that when you did the AMT form, it added the mileage deduction right back in...and now you owe AMT.
Won't know until you try, but it won't save you as much money as you are hoping. |
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That_ blue_ eyed_ Irish_ lass
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If your employer pays you milage and reimburses you for gas then NO you cannot deduct it. It would be getting paid twice and Uncle Sam says that's a no-no.
www.irs.gov check for yourself |
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flyinghighfreebird
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I don't think that's true. the 47 cents per mile they give you is to cover both gas and wear and tear on your car. |
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misskate12001
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You can't claim mileage to and from work (reporting to work) but you can claim mileage beyond that. Although, I thought you couldn't if they reimbursed you for mileage but then again, I have a tax guy who takes care of that for me :) If you've been reimbursed then it really wouldn't be a work related expense anymore - you've already gotten credit for it.
I do recall him saying though that reporting to work didn't count. |
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cesar g
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no idk |
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