gas money alone is entirely insufficient.
There is wear and tear, and the expenses of keeping a vehicle legally registered and plated.
Do two methods of tracking your vehicle usage:
1- The method mentioned in previous posts above
2- Keep track of your mileage used solely for work purposes, and turn that in as an employee expense to your employer to be reimbursed at the IRS rate for mileage (this accounts for gas and wear). Obviously, you wouldn't be able to claim it on your taxes as well as be compensated for it. If you are compensated for your vehicle expense, and are an employee it should fall under employee reimbursed expense (ie Per Diem).
You would rather get the money back dollar for dollar, than to just have your gross income adjusted for a net reimbursement of pennies on the
dollar on your tax return instead. You can't count your drive to and from work (where work/materials are disseminated to you) into your mileage calculation.
Re: screw you get me a van...
Member #: 26836
Registered: 11/25/2003
Posted:
107
Name:
Jeff Guimont
Name:
Jeff Guimont
Company:
Summit Broadband
Occupation:
Headend Engineer
Location:
Fort Myers, FL
Personal:
50-ish
Experience:
~27 years
There is 1 reply to this message
