In other words: Say your job requires that you travel from business to business everyday, ~500 miles/week. Then, your job pays you ~44 cents per mile (tax-free). Can you ALSO write off those ~500 miles per week in your taxes?
2007-07-10 14:55:32 · 8 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
The amount of your deduction depends on how you are reimbursed. If the amount of the mileage reimbursement appears in Box 1 of your W-2, then all of your mileage (at 48.5 cents per mile) is deductible as an unreimbursed employee expense on Schedule A (you will use Form 2106, and the deduction is further limited to a 2% of adjusted gross income floor).
If the reimbursement does not appear in Box 1 of your W-2 (it then should appear in Box 14), then you can still fill out Form 2106 for your mileage deduction, but you must reduce your deduction by the amount of the tax-free reimbursement you have recieved, as recorded in Box 14. This should come to 4.5 cents per mile. It is still deducted as a miscellaneous expense on Schedule A, subject to a 2% of AGI floor.
2007-07-10 17:19:02 · answer #1 · answered by ninasgramma 7 · 1⤊ 0⤋
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2016-08-30 09:47:11 · answer #2 · answered by ? 3 · 0⤊ 0⤋
I may be wrong but actually I believe you can take a partial deduction. Track you mileage, The gov't allows you 48.5 cents per mile. So to claim your milage you must subtract the 44cents per mile which leaves you with 4.5 cents per mile. 500 miles x .045 = 22.50 per week. Then 52 weeks = $1170 per year. There are many rules concerning this so make sure you read the whole ruling. One of the questions to ask yourself is: does the reimbursement come from actual miles or an allowance, this will make a difference.
2007-07-10 15:21:32 · answer #3 · answered by Donald C 3 · 0⤊ 2⤋
If your employer reimburses you LESS than the standard mileage rate untaxed you can claim the difference. You need to itemize our deductions to claim that. If you are reimbursed at the standard IRS rate, it's a wash. If you're reimbursed MORE than the standard rate, the difference is taxable income to you.
If you employer reimburses you ANY rate and includes that in your taxable income -- i.e. on your W-2 -- you can deduct all miles driven at the standard rate. Again, you must itemize to claim the deduction.
2007-07-10 16:36:01 · answer #4 · answered by Bostonian In MO 7 · 2⤊ 0⤋
No, you were already reimbursed. You can only write off UNREIMBURSED business expenses.
2007-07-10 15:03:26 · answer #5 · answered by Mike 6 · 2⤊ 0⤋
i dont think so. it would be called double dipping:)
2007-07-10 15:02:51 · answer #6 · answered by jgessi2003 2 · 0⤊ 0⤋
nope.
2007-07-10 15:02:13 · answer #7 · answered by Anonymous · 1⤊ 0⤋
no
2007-07-10 15:04:23 · answer #8 · answered by hell0kittygyrl 3 · 2⤊ 0⤋