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SVTPerformance's Chain of Restaurants
Road Side Pub
Let's talk writing off mileage and lease payments?
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<blockquote data-quote="sleek98" data-source="post: 14150692" data-attributes="member: 144145"><p>Is she a w-2 employee or does she receive a 1099-misc at the end of the year?</p><p></p><p>If she is a w2 employee you have to itemize and then it is subject to the 2% rule. You said that you are currently taking the standard deduction so you might not get benefit unless she drives an absurd amount every year or your right on the line of itemizing. </p><p></p><p>I'd she get a 1099 misc you can take it against income on sch c. </p><p></p><p>Either way keep a book and have her write down all of her business trips in the car. Make sure to document the mileage at 1/1 so you can get your business % easily. Also The drive to the first case is not deductible. All trips From case 1 to the last case is deductible. From the last case to home is not deductible. </p><p></p><p>You can take the standard mileage rate and not keep track of expenses or you can keep every gas receipt, maintenance and lease payment and apply the business % to the total and deduct that. Unless you have higher than average gas prices or a high lease payment then the standard rate is easier and usually better. Once you choose a method for that car it cannot be changed. So if you choose actual expenses and you own it for the next 5 years you have to use actual all 5 years you cannot change while using that car.p</p><p></p><p></p><p>btw I am a tax CPA.</p></blockquote><p></p>
[QUOTE="sleek98, post: 14150692, member: 144145"] Is she a w-2 employee or does she receive a 1099-misc at the end of the year? If she is a w2 employee you have to itemize and then it is subject to the 2% rule. You said that you are currently taking the standard deduction so you might not get benefit unless she drives an absurd amount every year or your right on the line of itemizing. I'd she get a 1099 misc you can take it against income on sch c. Either way keep a book and have her write down all of her business trips in the car. Make sure to document the mileage at 1/1 so you can get your business % easily. Also The drive to the first case is not deductible. All trips From case 1 to the last case is deductible. From the last case to home is not deductible. You can take the standard mileage rate and not keep track of expenses or you can keep every gas receipt, maintenance and lease payment and apply the business % to the total and deduct that. Unless you have higher than average gas prices or a high lease payment then the standard rate is easier and usually better. Once you choose a method for that car it cannot be changed. So if you choose actual expenses and you own it for the next 5 years you have to use actual all 5 years you cannot change while using that car.p btw I am a tax CPA. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Let's talk writing off mileage and lease payments?
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