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Started By
Message
Question regarding mileage/ new tax law
Posted on 12/16/20 at 9:50 am
Posted on 12/16/20 at 9:50 am
I’ve been told I can no longer write off mileage on my taxes. Is there any way around this?
I’m a sales rep for a distributor and I drive around 40,000 miles a year for work. It was a big hit to not write off mileage
I’m a sales rep for a distributor and I drive around 40,000 miles a year for work. It was a big hit to not write off mileage
4
Posted on 12/16/20 at 10:01 am to Misesreader
Business use of Vehicle hasn't change, you will still be able to deduct.
Posted on 12/16/20 at 11:46 am to Misesreader
quote:
40,000 miles
Goodness man
Posted on 12/16/20 at 1:10 pm to Misesreader
Im a a newcomer to trying to learn about taxes and tax law. As far as writing off mileage for a business vehicle (under Fed tax system), isn't that a business expense deduction for the company? And, if OP pays for gas out of his own pocket the company can reimburse and OP could exclude 100% of the reimbursement from his personal income taxes? Or, if OP is an independent contractor or something that would probably throw a big wrench in it (I'm beginning to find out).
Sorry I don't have the answer to your question and I don't want to speculate and give you the wrong answer I just figured one of the people answering you would know the answer to that question.
Sorry I don't have the answer to your question and I don't want to speculate and give you the wrong answer I just figured one of the people answering you would know the answer to that question.
Posted on 12/16/20 at 6:09 pm to Misesreader
I'm assuming you are a W-2 employee. You used to be able to write off W-2 employee expenses (such as mileage) as a miscellaneous itemized deduction. Those went away with the 2017 tax law changes.
Way around? Have your employer lower your wages by the cash amount of the mileage, and have them reimburse your mileage. You are made whole, your company gets the deduction (as the rule change was only on the W-2 employee side) and you and your company save a bit of payroll tax as well.
Way around? Have your employer lower your wages by the cash amount of the mileage, and have them reimburse your mileage. You are made whole, your company gets the deduction (as the rule change was only on the W-2 employee side) and you and your company save a bit of payroll tax as well.
Posted on 12/16/20 at 6:35 pm to LSUFanHouston
quote:
You are made whole, your company gets the deduction (as the rule change was only on the W-2 employee side) and you and your company save a bit of payroll tax as well.
Payroll expense too. I mean 40,000 miles at 60 cents a mile is thousands.
Posted on 12/16/20 at 8:18 pm to baldona
Yeah. I would write off 20,000 bucks in mileage.
It really sucks now.
As far as my employer lowering my wage, that’s tricky. I’m 100% commission. I think I’m screwed.
It really sucks now.
As far as my employer lowering my wage, that’s tricky. I’m 100% commission. I think I’m screwed.
Posted on 12/16/20 at 8:23 pm to Misesreader
quote:
Yeah. I would write off 20,000 bucks in mileage. It really sucks now. As far as my employer lowering my wage, that’s tricky. I’m 100% commission. I think I’m screwed.
Can your employer reimburse you 57.5 cents per mile and then write it off?
Posted on 12/16/20 at 10:10 pm to baldona
quote:
Payroll expense too. I mean 40,000 miles at 60 cents a mile is thousands.
Yeah, that's what I was getting at with deduction, sorry if I wasn't clear, was trying to type a response quickly =)
Posted on 12/16/20 at 10:10 pm to go ta hell ole miss
quote:
Can your employer reimburse you 57.5 cents per mile and then write it off?
Could they? Yes, but my guess is he was deducting the mileage in the first place because the employer didn't want that cost.
Posted on 12/16/20 at 10:13 pm to Misesreader
quote:
As far as my employer lowering my wage, that’s tricky. I’m 100% commission. I think I’m screwed.
It can be tricky, yes, your company would have to want to work with you. On the other hand, you may not be the only employee impacted, so if your employer cares about y'all, maybe they would be willing to work with you.
But we are three years into this (2018, 2019, and 2020 is just about over).
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