Liked by: mystery2me
@ddunn07 wrote:
So hypothetically speaking if I filled up my gas tank on a gas station shop but am only reimbursed up to two gallons or $5.00, the remaining portion that isn't reimbursed is deductible? Is it deductible if I use my car largely for mystery shopping? what about other expenses like printing, etc.
@ddunn07 wrote:
So hypothetically speaking if I filled up my gas tank on a gas station shop but am only reimbursed up to two gallons or $5.00, the remaining portion that isn't reimbursed is deductible? Is it deductible if I use my car largely for mystery shopping? what about other expenses like printing, etc.
Liked by: mystery2me, JSM2019
@ceasesmith wrote:
Be aware that you CANNOT do this one year and use a different method the following year! (Unless you use a totally different vehicle the next year.) You may either use actual expenses OR the government rate.
Liked by: walesmaven, myst4au
@ceasesmith wrote:
And no, you can't switch from actual to mileage; whichever method you choose the first year of ownership, you are stuck with for the life of the car.
However, tax laws change all the time, and there's no reason to believe this is a permanent thing!
Liked by: ceasesmith
@walesmaven wrote:
Yup, Ceasmith is correct.
@mystery2me wrote:
I think this information is not correct. You can switch back and forth every year. Certain minor caveats apply, such as you must take the standard mileage the first year if you want to be able to switch back and forth, and you can't have previously taken bonus or accelerated depreciation.
[www.irs.gov]
"If you want to use the standard mileage rate for a car you own, you must choose to use it in the first year the car is available for use in your business. Then, in later years, you can choose to use either the standard mileage rate or actual expenses."
@sandyf wrote:
KV the reason we talk pennies is because that pretty much sums up how much we earn on each job. So pennies are important.
I did want to comment on what I think of as the max reimbursement in the meal example given above. If i eat and can be reimbursed for a meal up to $15 and my bill is $16 because, for instance, I ordered the large fries when ordering the small or medium fries would have been acceptable and would have been $15, I would not deduct the extra dollar. It would only be when due to high sales taxes or due to nothing that I was allowed to order on the menu would cost $15 or less that I would deduct the excess over the re paid reimbursable amount. Perhaps I am wrong about this but I think that is the way it should be done.
@boridi wrote:
@sandyf wrote:
KV the reason we talk pennies is because that pretty much sums up how much we earn on each job. So pennies are important.
I did want to comment on what I think of as the max reimbursement in the meal example given above. If i eat and can be reimbursed for a meal up to $15 and my bill is $16 because, for instance, I ordered the large fries when ordering the small or medium fries would have been acceptable and would have been $15, I would not deduct the extra dollar. It would only be when due to high sales taxes or due to nothing that I was allowed to order on the menu would cost $15 or less that I would deduct the excess over the re paid reimbursable amount. Perhaps I am wrong about this but I think that is the way it should be done.
Five Guys says they prefer we order a burger, so I think it is reasonable to order a burger (instead of hot dog or grilled cheese) and deduct the portion over the reimbursement limit.
@sandyf wrote:
They used the word prefer which indicates to me they do not require that....
... But these are all choices and although the chance of someone being audited due to an extra dollar taken as deduction here and there is small to me is not worth the hassle of an audit for someone who does it consistently.
@walesmaven wrote:
On Schedule C there is room to deduct the costs of a professional conference, including travel, for "continuing education." Conference costs should be wholly deductible.
@KV wrote:
Gotta chuckles reading through this. While normal people like us debating over a few dollars and pennies for tax, some people use our tax money in Trillion for foreign entities and ultimately back to their pockets. We talk penny. They talk trillion.
Liked by: Shop-et-al