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Message
Few questions regarding mild investing and tax write offs
Posted on 2/19/15 at 2:40 pm
Posted on 2/19/15 at 2:40 pm
I recently accepted a position which will pay almost twice what I currently make. My only investment I currently have (35yo) is my company 401k. They will match up to 4% if we put 5% so thats what I have been doing. So my first question is, should I figure out what Id need to take out every pay period to max out a roth every year? Or should I put more into my 401k since they allow up to 10%?
My next question is in regards to what I can claim on my taxes. This is a sales mngmt position so I will have a small vehicle allowance (400/mo) but will not get any mileage reimbursement. So since I will be driving a vehicle to sales appts can I claim the mileage on my taxes? Or is that not allowed now bc I get the vehicle allowance? Also if I have a car note above the 400, can I claim the extra amount?
Thanks for yalls help.
My next question is in regards to what I can claim on my taxes. This is a sales mngmt position so I will have a small vehicle allowance (400/mo) but will not get any mileage reimbursement. So since I will be driving a vehicle to sales appts can I claim the mileage on my taxes? Or is that not allowed now bc I get the vehicle allowance? Also if I have a car note above the 400, can I claim the extra amount?
Thanks for yalls help.
1
Posted on 2/19/15 at 3:55 pm to JOHNN
quote:
So my first question is, should I figure out what Id need to take out every pay period to max out a roth every year? Or should I put more into my 401k since they allow up to 10%?
I would only put enough in the 401K to get the full match, then move to Roth.
quote:
This is a sales mngmt position so I will have a small vehicle allowance (400/mo) but will not get any mileage reimbursement. So since I will be driving a vehicle to sales appts can I claim the mileage on my taxes? Or is that not allowed now bc I get the vehicle allowance?
Depends on how the allowance is structured. If the allowance is taxed, then, you can deduct mileage. If the allowance is not taxed, then, you can only deduct expenses over the allowance. If you get a choice, you want the allowance not taxed, as any deductions would be subject to 1) itemizing and 2) 2 percent of AGI.
quote:
Also if I have a car note above the 400, can I claim the extra amount?
Your car note is made up of interest and principal. The interest part may be deductible, to the extent you use the car for business (so not 100 percent), again, it's subject to itemized deductions and 2 percent rule, and, the amount you can claim will depend on whether the allowance is taxed or not taxed.
Posted on 2/19/15 at 4:18 pm to LSUFanHouston
Pretty sure that the vehicle allowance would be taxed.
Posted on 2/20/15 at 10:35 am to LSUFanHouston
quote:
Depends on how the allowance is structured. If the allowance is taxed, then, you can deduct mileage. If the allowance is not taxed, then, you can only deduct expenses over the allowance. If you get a choice, you want the allowance not taxed, as any deductions would be subject to 1) itemizing and 2) 2 percent of AGI.
What is AGI?
Posted on 2/20/15 at 11:36 am to JOHNN
quote:
What is AGI?
Adjusted Gross Income - essentially your income less certain deductions, but not less exemptions and itemized deductions.
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