Standard mileage rate
- Thread starter oncedrove
- Start date
Might be better to list what you can NOT deduct under this...
Anything that makes the van run...repairs, light bulbs, any fluids, wipers and such...
You must own a Cargo Van to use the standard Deduction
If this deduction is used
YOU CANNOT DEDUCT THE FOLLOWING
ANY REPAIRS, TIRES, PARTS, OIL AND ALL MAINTENANCE
LIABILITY, COLLISION, BOBTAIL INSURANCE
iF MILEAGE IS USED:
THE TAX DEDUCTION LIMIT IS 5 YEARS BY IRS CODE, AFTER THE 5TH YEAR YOU MUST
iSE ACTUAL EXPENSES. UNLESS YOU TRADE IN SELL OUTRIGHT AND BUY NEW
Remember you must Keep accurate records of the mileage on a daily basis or from the time you leave you home to the time you get back home.
if you have anyother question please do not hesitate to ask
FRank
If this deduction is used
YOU CANNOT DEDUCT THE FOLLOWING
ANY REPAIRS, TIRES, PARTS, OIL AND ALL MAINTENANCE
LIABILITY, COLLISION, BOBTAIL INSURANCE
iF MILEAGE IS USED:
THE TAX DEDUCTION LIMIT IS 5 YEARS BY IRS CODE, AFTER THE 5TH YEAR YOU MUST
iSE ACTUAL EXPENSES. UNLESS YOU TRADE IN SELL OUTRIGHT AND BUY NEW
Remember you must Keep accurate records of the mileage on a daily basis or from the time you leave you home to the time you get back home.
if you have anyother question please do not hesitate to ask
FRank
Slo-Ride
Veteran Expediter
With that said I will ask..
Why cant D/head miles be deducted? My tax person claims I can deduct any trip I make to and from any trip I make for the business whether it be to the bank,,parts runs,,etc etc.As it is a cost incurred it can be use as a legal deduction..
I see d/head as a cost that I don't always get reimbursed for and usually a total loss and don't understand why its not a legal deduction.
Sorry to derail post but i searched a bit and didn't find any answers,,I think it been talked bout but i cant find it..If its been answered here sorry for asking and point me to it Please.
Where does it say DH miles cannot be used in whichever method you're using?
Here is a link to another EO conversation, altho it's rather confusing (at least to me).
http://www.expeditersonline.com/forum/newbies-paradise-forum/37263-dead-head-miles-deduction.html
What does that mean?
I deduct all miles driven...Dh or otherwise except for some personal ones....I DH from SD to Minnesota 510 miles and usually 1,000 to get home...I am in service till I get home for the record. It might be an issue IF I were out of service.
and I pay the fuel....no problem.
and I pay the fuel....no problem.
First figure out which method you're using.. the miles x $x method (applicable to cv's only), or the revenue and expenses method. If the first method, you don't claim your fuel costs. If the second method, you don't claim your miles, but you use actual expenses. Both methods allow for the expense of deadhead.