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11/9/2007 12:09:06 PM EDT
Put my 2007 business mileage in a spreadsheet today and so far it's over 18,000 miles--it'll be over 21,000 by year's end.

That'll be a nice $10,000 deduction.

Damn, a lot of driving, though.
11/9/2007 12:10:57 PM EDT
[#1]
21k?  That's it?  
11/9/2007 12:12:10 PM EDT
[#2]
I don't put 21K on my two vehicles and boat per year.  
11/9/2007 12:12:42 PM EDT
[#3]

Quoted:
Put my 2007 business mileage in a spreadsheet today and so far it's over 18,000 miles--it'll be over 21,00 by year's end.

That'll be a nice $10,000 deduction.

Damn, a lot of driving, though.


WTF is 21,00?
11/9/2007 12:19:44 PM EDT
[#4]
I easily do over 50k miles per year.  Co. gives me a $1400 car allowance monthly...I still feel like I'm losing.

How do I make my car a little tax shelter??


Lex
11/9/2007 12:21:32 PM EDT
[#5]
My last car had 168K. it was 3 years and 2 months old. hock.gif
11/9/2007 12:24:37 PM EDT
[#6]
We are going take about 25,000 miles on each in the period Jan-Oct and then take a 179 dedcution for $25,000 for purchasing another vehicle with a GVW>6000 lbs.
....

Yep...guess we won't be paying taxes again this year......

~Dan
11/9/2007 1:32:38 PM EDT
[#7]

Quoted:
I easily do over 50k miles per year.  Co. gives me a $1400 car allowance monthly...I still feel like I'm losing.

How do I make my car a little tax shelter??


Lex


Is the car allowance taxed? If so you can still turn in your miles at $0.485 per mile.
11/9/2007 2:12:08 PM EDT
[#8]
I was told the allowance isn't taxed.  Any suggestions??  Can I claim anything over what would be allowed??  ( I keep detailed records on gas, miles, maintenance, etc.).


Lex
11/9/2007 2:19:37 PM EDT
[#9]
Pansy.  I did 3400 miles last month.  It's nice getting those checks for 48.5 cents per mile.  
11/9/2007 2:37:27 PM EDT
[#10]
I put 20K a year on my car just getting back and to work.    
11/9/2007 3:21:13 PM EDT
[#11]

Quoted:
I was told the allowance isn't taxed.  Any suggestions??  Can I claim anything over what would be allowed??  ( I keep detailed records on gas, miles, maintenance, etc.).


Lex


Yes, you can claim the difference as a deduction.

50k miles @ .485 per mile = $24,250 - $16,800 = $7,450 deduction.

I am not a lawyer / accountant but that is my understanding.
11/9/2007 3:29:04 PM EDT
[#12]
Excellent!

Thanks for the guidance.

Lex
11/9/2007 3:42:03 PM EDT
[#13]

Quoted:

Quoted:
I was told the allowance isn't taxed.  Any suggestions??  Can I claim anything over what would be allowed??  ( I keep detailed records on gas, miles, maintenance, etc.).


Lex


Yes, you can claim the difference as a deduction.

50k miles @ .485 per mile = $24,250 - $16,800 = $7,450 deduction.

I am not a lawyer / accountant but that is my understanding.


I think it depends on whether they report the allowance as "vehicle allowance" or if they just lump it into gross income on your W-2. My company reports it as  gross income throughout the year and taxes it. I then deduct .48 1/2 cents per mile and they pay for the fuel.
11/9/2007 3:43:43 PM EDT
[#14]
I have put on 31k so far this year for my company. I drive in their truck, so no deduction
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