the boss pays for the monthly note...and thats about it.
2007-02-19 07:26:23 · 6 answers · asked by Melani A 3 in Business & Finance ➔ Taxes ➔ Other - Taxes
Kind of. These would be unreimbursed employee expenses on Schedule A, line 20. They are deductible only to the extent they exceed 2 % of your adjusted gross income, and then only if you itemize. And this assumes that the company vehicle is only used for company business.
2007-02-19 07:46:19 · answer #1 · answered by CarVolunteer 6 · 2⤊ 1⤋
Check with your tax preparer on this, but you may also be required to claim the company vehicle as some sort of income. This may only be the case if you use the vehicle for any personal use.
2007-02-19 07:39:03 · answer #2 · answered by ThePerfectStranger 6 · 0⤊ 1⤋
you have become "double whammied". considering you're driving their automobile, I wager you're required to be on the 1st call via beginning time plus finding out to purchase the gas. i does not settle for this considering you would be spending a number of of money earlier the subsequent tax examine comes out.
2016-10-16 00:55:44 · answer #3 · answered by Anonymous · 0⤊ 0⤋
As long as the company doesn't reimburse for those expenses. They are expenses you acquired while on business, so yes.
2007-02-19 07:30:40 · answer #4 · answered by teashy 6 · 0⤊ 1⤋
if u pay for them yes they are as long as u are not being reimbursed by the company
2007-02-19 07:36:34 · answer #5 · answered by Firstquarter 2 · 0⤊ 1⤋
Yes, it should. Be sure to make you that you have all documentation (receipts, invoices, etc) and if possible try to keep all the expeditures on one form of payment. (i.e. credit card, separate debit card)
2007-02-19 07:32:09 · answer #6 · answered by Anonymous · 0⤊ 1⤋