I want my auto mileage to be reimbursed at the rate of 0.485 cent/miles but the actual gas expense is less than that.
2007-12-30 18:13:09 · 5 answers · asked by Leo 1 in Business & Finance ➔ Taxes ➔ United States
I think I made typo.It has to be 48.5 cent/mile.Is that for 2007 in CA ?
2007-12-30 18:33:30 · update #1
Sounds like you are asking your employer to reimburse you the going standard mileage rate allowed for 2007. It has been my experience that is a rare event for the employer to reimburse anything close to the allowable rate of IRS. If you do not get the allowable rate, unless you qualify to file a Schedule A, you are can not even deduct the difference on your tax return.
2007-12-30 19:18:11 · answer #1 · answered by oldcorps1947 6 · 1⤊ 0⤋
Even though your gas costs may be less than that, don't over look other costs. insurance, maintenance,( lube and oil) tires, etc etc.
If your employer reimburses you .485/mi, you will hardly make a profit on the deal.
This is the allowable amount for 2007, so there is no need to keep track of your overall expenses, although you may want to.
2007-12-30 18:31:05 · answer #2 · answered by TedEx 7 · 0⤊ 0⤋
The mileage doesn't just cover gas costs, but also depreciation, repairs, upkeep - that's the number the IRS allows, so if you have business miles to deduct, then you can take the 48.5 cents OR actual expenses, whichever you prefer.
2007-12-31 02:19:41 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
And oil and tires and repairs and insurance....
Trust us, you won't be making money at this. AAA predicts the cost of actually running a new car at 52.2 cents per mile.
2007-12-30 18:23:48 · answer #4 · answered by Anonymous · 3⤊ 0⤋
Yes. Auto Mileage is calculated BOTH on fuel price and on wear and tear on your automobile.
2007-12-30 18:21:09 · answer #5 · answered by Bob 5 · 3⤊ 0⤋