iF YOUR COMPANY REIMBURSES YOU FRO THE MONEY YOU SPEND WHILE ON THE ROAD, CAN YOU CLAIM IT ON YOUR TAXES?
WOULDN'T THAT BE CONSIDERED DOUBLE DIPPING?
2007-03-14 15:41:31 · 5 answers · asked by leigh c 2 in Business & Finance ➔ Taxes ➔ United States
The company will allow up to $40 day per diem. Which comes out of my pocket. But another person said that even thought the company reimburses me that I can still claim it on my taxes
2007-03-14 15:47:54 · update #1
It depends on how the company reimburses you. If the amount reimbursed appears in Box 1 of the W-2, then you deduct it.
But if the amount does not appear in Box 1 of the W-2, you are not being taxed on the reimbursements, so you have no deduction. And if you did deduct it, you would be double-dipping.
2007-03-15 05:19:39 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
You may claim unreimbursed expenses. If your company reimburses LESS than your actual expenses, you can take a deduction for it. If they reimburse MORE than your actual expenses, that's taxable income to you.
2007-03-14 23:43:11 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You can only claim UNREIMBURSED expenses.
2007-03-14 22:45:08 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
You bet it would.
2007-03-14 22:46:13 · answer #4 · answered by Akbar B 6 · 0⤊ 1⤋
NO YOU DON'T.....
2007-03-14 23:16:33 · answer #5 · answered by cork 7 · 0⤊ 1⤋