i sometime travel and use my truck my company pays for my fuel and milage.
can i report this on my taxes? i have copy of all my expence reports.
same on cell phone....can i report?
thank you for you answers
2007-12-01 14:20:38 · 3 answers · asked by Nayo 3 in Business & Finance ➔ Taxes ➔ United States
1. Find from your employer. Are you required to give an account of your expenses (fuel and/or mileage) to your employer? If it is Accountable Plan, then you don't report it. If you feel that you are getting paid less than the standard mileage rate (or your actual expenses), then you claim the additional amount as your itemized deduction.
2. If it is an unaccountable plan, it will be reported as your income. Then you can claim your mileage/fuel expenses only if you itemize your deductions. These employee business expenses are subject to 2% AGI limit.
2007-12-01 16:55:24 · answer #1 · answered by MukatA 6 · 0⤊ 0⤋
The phrase you are looking for is "unreimbursed business expenses"--but these were reimbursed, so you don't get to claim them a second time. (Even if you could, employees can only deduct those expenses that are more than 2% of their adjusted gross income and then only if they can itemize.)
2007-12-01 16:39:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you have a business expense, and then your company reimburses you, there's nothing that's supposed to go on your taxes.
2007-12-01 14:24:30 · answer #3 · answered by hottotrot1_usa 7 · 3⤊ 0⤋