Ok, i'm a merchandiser and i've been doing contractor work for a few weeks. I travel so many miles and I know i can deduct my meals up to certain amount each day and my gas too. and things such as car maintenance, hotel, laundry and basic things.
Ive never done this. They said i do it at the end of the year. i know it's hard to overlook the takes since they give you a full check. Is there a way to pay your taxes every month? or when i file my taxes online, how do i know how much to deduct and such? ive been saving my meal receipts and gas and such.
Please direct me to the right info or culture me about it =)
2007-10-25 05:46:09 · 3 answers · asked by Dimitri VanHorn 1 in Business & Finance ➔ Taxes ➔ United States
If you are traveling in the local area for your work you can deduct the cost of operating your car or take a mileage deduction of 48.5¢ per mile. You may NOT deduct meals!
If you are traveling away from home OVERNIGHT, you may deduct the cost of travel, hotel, and ONE-HALF the cost of your meals.
2007-10-25 06:15:03 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You can deduct all ordinary and necessary expenses in connection with production of income including transportation/car expenses(actual or standart 48 cents/mile) and meals(50% only). I would advise to substantiate it by keeping some kind of diery for example: 5/1/07 went to point A to point B distance 10 miles. For meals and transportation/car expenses, as well as other expenses, please keep receipts for all expenditures pertaining to business expenses.
2007-10-25 06:23:32 · answer #2 · answered by alikmal 2 · 0⤊ 0⤋
if they are not withholding any taxes - you need to make quarterly estimated federal and state tax pmts to avoid possible penalties
2007-10-25 07:41:19 · answer #3 · answered by Anonymous · 0⤊ 0⤋