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zwl88796 | Tax deduction question? |
I work for a company as a bookkeeper and I use my perosonal vehicle when taking deposits to the bank or mailing invoices/statments. Its uaually around 5 total round trip miles per day 4 days/week. I do not currently charge them for my miles. Since I do not do this can I claim my vehicle or mileage on my tax refund? |
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Nice one
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It can vary. I would call a local tax place like H&R block. There's also a link for you> http://www.irs.gov/ which would have the correct answer for you. |
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Wayne Z
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Unreimbursed mileage is deductible as a Misc. Itemized Deduction subject to 2% of your income. First of all you must itemized to get the deduction and then you must have enough to get over the 2%.
One caveat though: If your company would reimburse you for the mileage but you just chose not to get reimbursed, it is not deductible. |
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new england
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Yes, this would be considered an un-reimbursed business expense for which you are allowed to take a deduction. Be sure that your check the IRS instructions and use the allowable mileage amount for 2007, not what you think you actually spent. Be sure that you keep accurate records, just in case you are questioned. Suggestion- if you've been doing this for several years, you may want to consider filing an amended return for previous years, assuming there is a reasonable return for the work. |
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Judy1
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Well, sort of.... but probably not really. The deduction would be 20 miles per week, at 48.5 cents per mile. If you do this 52 weeks a year that would total $504.40 for the year. But unless you have other unreimbursed employee expenses, you aren't likely to be able to deduct it. You can only take it if you itemize, and even then you have to subtract 2% of your adjusted gross income from your total unreimbursed employee business expenses and can only deduct the rest. So if you make under $25K a year and are already itemizing, you might get to deduct a little bit of it and save a few dollars in taxes, otherwise no.
Then one other thing - if you COULD turn it in for reimbursement but just don't for whatever reason, then you can't deduct it in any case. |
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Steve
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Technically, you can deduct these miles at 48.5 cents per mile for 2007 and 50.5 cents per mile for 2008. However, you will need to itemize your deductions and claim the miles on form 2106. Also, before you can actually deduct any of the miles, they are reduced by 2% of your AGI.
5*4*52*.485=504.40. Your AGI must be less than $25,220 before you can deduct any of these miles. |
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v b
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1. Why aren't you turning in your mileage? If the company would reimburse, but you didn't, you can't claim it.
2. You are estimating the number of trips, but don't indicate that you kept a mileage log, also not deductible. |
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jwishz
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You can deduct them if you itemize deductions and your unreimbursed business miles exceed 2% of your adjusted gross income. So, for example, you were not reimbursed for approximately 1000 miles. For 2007, you can claim 48.5 cents per mile which equals 48.50. So.....you probably won't realize any benefit. Approach your employer and ask if they can help you with this, especially with the price of gas today. |
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no_telling2003
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Yes you can but you need to itemize on form 1040. If you have no other deductions to itemize or are without children,, you will lose $$$ itemizing. Stop spending your $$$ to give the big boss a bigger xmas bonus each year. They need to reimburse you for mileage, or the favor stops. If they let you go tomorrow for any reason, no one but you will remember how nice you were being to the company burning your gas for their benefit! |
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tamarack58
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Yes, definately. You can charge either actual expense (better have records to support it) or just charge the going per mile rate. I think it's $0.49 per mile. Check the IRS web site to get the correct rate. (IRS.gov) |
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