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I get a $650/month vehicle allowance (not taxed) and a company gas card. Can I claim the difference between the allowance, and what it would be using the gov't /mile rate
Purchased my truck early/mid year, received $4,500 allowance (not taxed) during the year, and had a company gas card. I put on 17,450 business miles during that time. Is there any way I can deduct this on taxes?
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I get a $650/month vehicle allowance (not taxed) and a company gas card. Can I claim the difference between the allowance, and what it would be using the gov't /mile rate
As I am understanding what you did, you should use $4500 plus $2205 to compare to the standard mileage rate.
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I get a $650/month vehicle allowance (not taxed) and a company gas card. Can I claim the difference between the allowance, and what it would be using the gov't /mile rate
Do you have a way to find how much was charged on the company gas card?
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I get a $650/month vehicle allowance (not taxed) and a company gas card. Can I claim the difference between the allowance, and what it would be using the gov't /mile rate
I saved and scanned all of my fuel receipts, so yes, I can get that number. The tricky part is that this is my work & personal truck (75% of my 2016 miles were for work). I filled up my truck once a month (or if I went on a non-work related trip) myself to try and offset the fuel cost of my personal miles. The amount on the company fuel card was $2,205
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I get a $650/month vehicle allowance (not taxed) and a company gas card. Can I claim the difference between the allowance, and what it would be using the gov't /mile rate
What do you mean "try to offset the fuel cost of my personal miles"? In any event, The company paid you $4500 plus gas and it's that sum that you would be comparing to the flat mileage rate.
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I get a $650/month vehicle allowance (not taxed) and a company gas card. Can I claim the difference between the allowance, and what it would be using the gov't /mile rate
I was referring that I don't expect my employer to pay the fuel cost of my personal miles. So if I would go on a trip that is not work related, and consumed a tank of gas during that trip, I would fill the truck back up out of my own pocket. That amount is not part of the $2,205.
I was just trying to make sure that nobody was planning on using 75% of the $2,205 as part of the calculation, but in turn made my question a bit more confusing. My apologies.
I was just trying to make sure that nobody was planning on using 75% of the $2,205 as part of the calculation, but in turn made my question a bit more confusing. My apologies.
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I get a $650/month vehicle allowance (not taxed) and a company gas card. Can I claim the difference between the allowance, and what it would be using the gov't /mile rate
As I am understanding what you did, you should use $4500 plus $2205 to compare to the standard mileage rate.
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