@avtomlin wrote:
So, just to get this straight. Say I made $60,000 in a year, but drove 15,000 miles just for meeting clients (sales job).
2% of 60k = $1,200
.59/mile driven = 15,000 x .59 = $8,850
So if those two figures are correct, the total I could deduct is $7,650?
Now if that's correct, say my company gives a $500 per month stipend, assuming you hit your mileage for that month. Would I then have to deduct $6,000 from that above number giving me only $1,650 left to deduct?
The above answer is not valid for tax years 2018 thru 2025. When the answers were ported over to the TurboTax Real Money Talk forum, the original dates of answers did not transfer.
For tax years 2018 thru 2025 employee business expenses are not deductible on a federal tax return, including vehicle mileage, due to the tax code changes that took effect on January 1, 2018.
