*Am an employee of company
*Will track ALL mileage, then calculate the % the vehicle is used for business purposes (like on a Schedule C)
*Will add up total vehicle expenses (gas, payment, maintenance, etc.) and multiply that times the %.
2006-07-11 12:33:00 · 3 answers · asked by Test D 1 in Business & Finance ➔ Taxes ➔ United States
As an employee of a company you must fill out form 2106 Employee Business Expenses.
That information goes to your schedule A.
Therefore, unless you will have enough schedule A deductions to itemize instead of taking the standard deduction then it will not be worth your time. If you can itemize then it would help decrease your taxable income.
2006-07-12 03:24:00 · answer #1 · answered by Thrasher 5 · 0⤊ 0⤋
www.irs.gov is a great resource for your tax questions. They have a publication that outlines the rules for deducting vehicle expenses.
2006-07-11 12:41:18 · answer #2 · answered by odu83 7 · 0⤊ 0⤋
became the motor vehicle used basically for business enterprise, consisting of you made sales calls including your motor vehicle? were you reimbursed by technique of your organization for motor vehicle price? commonly no longer, search for suggestion from out of your tax preparer
2016-12-01 02:24:59 · answer #3 · answered by ? 3 · 0⤊ 0⤋