HamCandy LSU Fan Team Meat Member since Dec 2008 236 posts
Tax question regarding fuel (Posted on 1/16/13 at 9:18 am)
Reimbursement. I get a certain amount of money at the beginning of the month for fuel. No taxes are taken out of that check and my employer will 1099 me for it. How do I report this. I keep all my fuel receipts, I'm just worried I will have to pay taxes on it and its a lot of money.
I don't know much about taxes so if the above question makes no sense sorry.
Tenforty1728 LSU Fan Baton Rouge Member since Oct 2012 46 posts
re: Tax question regarding fuel (Posted on 1/16/13 at 1:43 pm to HamCandy)
It'll be included in your gross wages in your W-2. You'll need to list your automotive expenses as unreimbursed employee business expenses which will become an itemized deduction. If you don't itemize, that's bad news. If you do there's still a 2% floor on these deductions, but hopefully you've been slightly overcompensated for gas.