holliscary Wrote:
-------------------------------------------------------
> Monday I drove 110 total miles and paid 13 dollars
> in tolls and whatever for gas to make 35 bucks on
> three shops.
> WHY???
>
> BECAUSE I"M AN IDIOT!!!!!!!
>
> Today was much better though
I'm not the tax expert I foolishly half read his post and linked an IRS link to, but I can do the math for you:
You have a $61.60 deductible tax write off for the mileage of the shop.
If you earned $35, then you actually made a
LOSS of $34.60 for this mini route.
I'm sure Miles will spank me till I'm red if I'm wrong about this, but if you don't turn a profit, the IRS can call it a hobby and tax all of your earnings including the food and whatever merchandise or services you received.
Edited 2 time(s). Last edit at 11/12/2014 10:12AM by scanman1.