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Tax Write offs for Traveling job/working from home
Posted on 6/14/18 at 11:52 am
Posted on 6/14/18 at 11:52 am
So, I'll be flying to L.A. on July 8th for a week of training. For the last 6 years, I've worked in a small Ford dealership as a salesman, Service Director, and F&I Manager. Had an opportunity dropped in my lap to become a Dealer Account Manager for one of the lenders we use. Lots of travel involved but a lot more freedom and for the first time in 6 years, weekends off! I know there are a lot of tax breaks for this type of job, but I'm ignorant to them. I'll be working from home some days, others I will be traveling in my own personal vehicle, I do get a $500/mo car allowance. Can someone educate me on exactly what I need to be looking in to as far as tax purpose write offs?
This post was edited on 6/15/18 at 8:57 am
6
Posted on 6/14/18 at 3:47 pm to saintkenn
No idea, never worked a job like that. But I’d recommend you change your title to something more descriptive if you want to catch someone that does know. Something like “tax write offs for high volume travel job?” Should work
Posted on 6/15/18 at 8:57 am to Upperdecker
bump
Posted on 6/15/18 at 9:01 am to saintkenn
Are you W2 or 1099 employee?
Posted on 6/15/18 at 9:03 am to saintkenn
My grandfather runs a business out of his house and travels some for it as well. Between your designated work vehicle and home work space, you can get gas, electric, etc partially written off to the business. Maybe there are some accountants on here that can help more specifically. I'm just now getting into a business where I can do some of this so I'm looking forward to the responses.
ETA: Since work is paying for your truck note, you probably won't get gas written off as I imagine you may be getting paid per mile you drive.
ETA: Since work is paying for your truck note, you probably won't get gas written off as I imagine you may be getting paid per mile you drive.
This post was edited on 6/15/18 at 9:16 am
Posted on 6/15/18 at 9:37 am to MrJimBeam
Its W2. I do not get paid mileage, they give me a $500/mo car allowance.
Posted on 6/15/18 at 9:51 am to saintkenn
Are you being reimbursed for fuel?
Posted on 6/15/18 at 10:04 am to saintkenn
quote:
I know there are a lot of tax breaks for this type of job
Not anymore with the new tax law.
There may be some state tax breaks, but no more federal ones.
Posted on 6/15/18 at 10:28 am to saintkenn
quote:
Its W2. I do not get paid mileage, they give me a $500/mo car allowance.
That's odd. My buddy gets a monthly allowance along with mileage for his job. Do you have a company card for gas? If so, that makes sense; otherwise, you're getting screwed.
Posted on 6/15/18 at 12:12 pm to saintkenn
Wouldn’t you be expensing all of your travel cost directly to your company? There is nothing to write off there.
The standard deduction has increased so you might not have enough to make sense to itemize. Either way, most online, DIY tax services will walk you through itemizing everything including home office, supplies, and whatever else you think you may qualify for
The standard deduction has increased so you might not have enough to make sense to itemize. Either way, most online, DIY tax services will walk you through itemizing everything including home office, supplies, and whatever else you think you may qualify for
Posted on 6/15/18 at 4:06 pm to saintkenn
quote:
Can someone educate me on exactly what I need to be looking in to as far as tax purpose write offs?
Talk to an accountant, if you hire a good one, chances are that it will save you more than what he will cost you.
Posted on 6/17/18 at 8:55 pm to The Spleen
quote:
Not anymore with the new tax law.
Can you expand on this some?
Posted on 6/18/18 at 7:24 am to helluvaday
quote:
Can you expand on this some?
For W2 workers, non-reimbursed employee expenses were miscellaneous itemized deductions prior to the 2018 tax year. The new tax law did away with miscellaneous itemized deductions when it increased the standard deduction.
Posted on 6/18/18 at 12:06 pm to saintkenn
In reimbursed mileage (mileage at the govt rate that is over your allowance) is not longer tax deductible. It changed with the trump tax cut.
Posted on 6/18/18 at 1:39 pm to baobabtiger
So claiming mileage is useless?
Posted on 6/18/18 at 2:08 pm to saintkenn
quote:
So claiming mileage is useless?
It is for Federal returns. Your state may still allow it.
Posted on 6/19/18 at 11:57 pm to The Spleen
Gotcha, but not so for independent contractors right?
Posted on 6/20/18 at 6:17 am to helluvaday
quote:
Gotcha, but not so for independent contractors right?
you can write off mileage as a IC/sole proprietor for that business. i do all the time.
Posted on 6/20/18 at 6:22 am to baobabtiger
quote:
In reimbursed mileage
i never wrote off reimbursed mileage as a W2 because it was REIMBURSED and NOT lumped in with taxable income like on my 1099's however,
when i was an employee once our clients cut our mileage reimbursement we could still claim it as a deduction as if i was a contractor because of loop holes in that i did not drive to a home office nor a satellite office. I was at a vendor or sub vendor facility. perfectly legal per IRS. This was before new tax plan. things may have changed.
This post was edited on 6/20/18 at 8:41 am
Posted on 6/20/18 at 6:27 am to saintkenn
quote:
Its W2
if you were 1099 you could write off vehicles among many other things but you are not so it is useless. i have done it many times. oh well. there is not much you can do as a W2.
This post was edited on 6/20/18 at 6:31 am
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