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Claiming mileage on my car for my taxes...

  • I use my own car for work and drive around quite a bit for my job. Since last April, I've probably put about 6500 miles on my car for work purposes. I know you can claim those miles on your taxes to get some money back, but do I need a exact log that states what miles were work related and which were personal use? I started a mileage log for the first month or 2 of my job, but get lazy and stopped doing it.

    What will I need when I go to get my taxes done?

    KCHawk25

  • You only need a log if you get audited. I believe the IRS allows $0.55/mile, which for you is $3,500 buckaroos, my friend.

    If you are an employee there is a form for unreimbursed employee expenses and I believe is deductiblie if unreimbursed expenses are in excess of 2% of AGI.

    If you are an independant contractor, write if off on your schedule C, along with the toilet paper you use, the beer you buy and condoms you use, football tickets, lunch expenses, dry cleaning, medical expenses, cell phone charges, internet costs.... . . .. et.al.

    BeatBigRed ●

  • I'm not an independent contractor. I have a job that just requires me to travel around to clients in the Kansas City area. It's pretty pathetic what my company gives. They give us $200 a month for our cell phone and car reimbursement! $200 freaking bucks. $150 after taxes. That barely covers my cell phone and maybe a tank of gas for a week. Glad I can claim this stuff.

    KCHawk25

  • KCHawk25 said...

    I'm not an independent contractor. I have a job that just requires me to travel around to clients in the Kansas City area. It's pretty pathetic what my company gives. They give us $200 a month for our cell phone and car reimbursement! $200 freaking bucks. $150 after taxes. That barely covers my cell phone and maybe a tank of gas for a week. Glad I can claim this stuff.

    If the check shows up in your monthly salary (pay) than that just reflects your salary and you can go ahead and claim as stated above by BBR. It it specifies it is for travel and phone, you must deduct the $200x12 months ($2,400) off of the $3,500 BBR stated above. You still would get $1,100.00 so in this case you take $1,100.00/ $.55 per mile = 2,000 miles what you would claim.

    ihawks76 ●

  • On my pay stub it just says taxable expense. Nothing about travel and phone.

    KCHawk25

  • As BBR stated above then and collect the $3,500.00.

    ihawks76 ●

  • I wish I knew more about how my taxes and deductions and what not work.

    So will the 3,500 be added on to my tax return?

    KCHawk25

  • KCHawk25 said...

    I wish I knew more about how my taxes and deductions and what not work.

    So will the 3,500 be added on to my tax return?

    Check your PM

    ihawks76 ●

  • responded.

    KCHawk25

  • KCHawk25 said...

    responded.

    check again.

    ihawks76 ●

  • KCHawk25 said...

    I wish I knew more about how my taxes and deductions and what not work.

    So will the 3,500 be added on to my tax return?

    You will be able to reduce your income by as much as* $3500. If you are in the 15% tax bracket you will save $525 in taxes and save $875 in taxes if you're in the 25% tax bracket.

    * - "As much as' because of the 2% of AGI threashold.

    Don't just write off mileage however. If you have to eat lunch while you're traveling, then write it off. Write off ANY thing you spend on your job, but the company does not reimburse. If your W-2 includes the $200/mo expense reimbursement as wages and income, then DO NOT reduce your expenses by that amount of reimbursement.

    BeatBigRed ●

  • Here is a link that might help.

    Form 2106, Employee Business Expenses

    http://www.irs.gov/uac/Form-2106,-Employee-Business-Expenses-1

    www.irs.gov

    BeatBigRed ●

  • UV's to BBR and ihawks76. Love it when people share their tax knowledge.

    This post has been edited 2 times, most recently by BarryZuckerkorn on 1/15/2013 at 5:05 PM

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    The will is not here, the will is at my office next to the hot plate with the frayed wires.

    BarryZuckerkorn

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