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Anyone in sales and have a car allowance/gas card?
Posted on 2/21/13 at 1:08 pm
Posted on 2/21/13 at 1:08 pm
Situation is that I get a generous car allowance and a corporate gas card that I can use as I travel.
Question is can I also keep a mileage log and turn it in for taxes?
I've been given 2 answers:
1. You can't b/c you are getting a car allowance and your gas is free.
2. You can b/c your car allowance is taxed, so it's taxable income and the gas card part is irrelevent to the question.
Which answer is correct?
Thanks a lot!
Question is can I also keep a mileage log and turn it in for taxes?
I've been given 2 answers:
1. You can't b/c you are getting a car allowance and your gas is free.
2. You can b/c your car allowance is taxed, so it's taxable income and the gas card part is irrelevent to the question.
Which answer is correct?
Thanks a lot!
Posted on 2/21/13 at 1:16 pm to kbro
Is the car allowance and corporate gas card used solely for business travel or do you use it when you're driving around town or to go on vacation?
Posted on 2/21/13 at 1:38 pm to kbro
quote:
2. You can b/c your car allowance is taxed, so it's taxable income and the gas card part is irrelevent to the question.
This would make sense if you are driving your own car for business purposes and depreciating the vehicle's value. But I'm not sure about this, I don't have this problem, unfortunately. I do love my mileage deduction ever year though, saves my arse from the bloodsucking dickbags at the IRS.
Posted on 2/21/13 at 1:45 pm to kbro
You need to do both. You need to pay taxes or take a deduction based on if your reimbursement (and gas money) is more or less than the mileage would come out to be. Instead of mileage you can do actual expenses including depreciation. I think....
Just reread the OP. IF you are paying taxes on the car allowance, you absolutely need to turn in your mileage and any other expenses you incur while providing a vehicle to your employer. Most vehicle allowances are not taxed though because they are seen as a reimbursement.
Just reread the OP. IF you are paying taxes on the car allowance, you absolutely need to turn in your mileage and any other expenses you incur while providing a vehicle to your employer. Most vehicle allowances are not taxed though because they are seen as a reimbursement.
This post was edited on 2/21/13 at 2:44 pm
Posted on 2/21/13 at 2:07 pm to kbro
I get a vehicle allowance, and a 1099 misc (rental income at he end of the year) and i get a fuel card
i claim the vehicle depreciation, repairs/maintenance, and the extra insurance i have to carry (employer requires 100/300/100)
i do not claim millage because i get gas paid
i claim the vehicle depreciation, repairs/maintenance, and the extra insurance i have to carry (employer requires 100/300/100)
i do not claim millage because i get gas paid
Posted on 2/21/13 at 4:26 pm to kbro
I am a CPA, so I will throw this out there. Take it FWIW.
It sounds like you are getting 2 separate payments.
One in the form of a car allowance. I don't know the stipulations on what exactly this is - but this is probably taxable income. Like getting a bonus.
Two is a Corporate Gas Card, which sounds like it is directly paying for your gas only. The IRS allows you a standard mileage deduction of 55.5 cents per mile in 2012. My guess is that if you keep a log of your miles driven for work and the amount of money you charged to the Corporate Gas Card you should be able to come up with how many cents per mile the gas card paid for. You should be able to deduct the difference between 55.5 cents per mile and the amount that you just calculated as being covered by the Corporate Gas Card, as long as the unreimbursed portion is greater than 2% of your AGI and you itemize.
It sounds like you are getting 2 separate payments.
One in the form of a car allowance. I don't know the stipulations on what exactly this is - but this is probably taxable income. Like getting a bonus.
Two is a Corporate Gas Card, which sounds like it is directly paying for your gas only. The IRS allows you a standard mileage deduction of 55.5 cents per mile in 2012. My guess is that if you keep a log of your miles driven for work and the amount of money you charged to the Corporate Gas Card you should be able to come up with how many cents per mile the gas card paid for. You should be able to deduct the difference between 55.5 cents per mile and the amount that you just calculated as being covered by the Corporate Gas Card, as long as the unreimbursed portion is greater than 2% of your AGI and you itemize.
Posted on 2/23/13 at 5:20 pm to kbro
Can not do both I had a coworker busted at an audit.
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