Absolutely not. What bushmaster said is true. I always keep track of my miles and at the end of the year you can write off those miles at somewhere around 50 cents per mile last time I checked. This covers all operating expenses for your vehicle including gas, oil tires etc. as opposed to calculating individual receipts. Thats how I do it. Either way any expense incurred by a contractor or employee is NOT taxable whether you are directly reimbursed for said expense or you save those expenses for tax time.
Re: Fuel reimbursment and the IRS
Member #: 22852
Registered: 4/7/2003
Posted:
739
Occupation:
Wiring stuff together
Personal:
mid 50s
Experience:
~37 years
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