Expedite Trucking Forums - View Single Post - Need clarification on mileage Vs. actual costs for

Fkatz · 11-29-2003, 03:02 PM

HI MIKE N,
YOUR QUESTION IS , I am a tad confused here. I am running a van and while I can deduct the 36 cents per mile what deductions does offset? I understand I will not be able to deduct fuel if I use the per mile basis. What else can I not itemize? Repairs? Depreciation? Tolls?
Thanks in advance.

--
ANSWER; IF YOU USE THE MILEAGE DEDUCTION YOU CANNOT TAKE THE ACTUAL EXPENSES THAT OTHERWISE PERTAIN TO THE VAN:
DEPRECIATION ON VEHICLE ONLY
FUEL
REPAIRS
TIRES
PLUS ANY OTHER PART OF THE VAN ITSELF
IT WOULD DEPEND ON THE WAY THE RETURN IS FIGURED, I FIGURE THE RETURN DOING IT BOTH WAYS, IF YOU TAKE MILEAGE YOU CAN ONLY GO TO ACTUAL ONCE, BUT YOU HAVE TO STAY WITH THE ACTUAL EXPENSES ONCE IT IS CHANGED YOU CANNOT GO BACK TO THE MILEAGE DEDUCTION.
IF YOU START WITH ACTUAL EXPENSES, YOU CANNOT GO TO MILEAGE AT ALL, IT MUST STAY ACTUAL EXPENSE THROUGHOUT THE LIFE OF THE VAN
NORMALLY IT WORKS OUT BETTER TAKING THE MILEAGE THEN ACTUAL, EXSPECIALLY WITH A NEW VAN DUE TO THE WARRANTEES
YOU DO GET YOUR PER DIEM, $40.00 US AND $42.00 CANADA PER DAY WITH PROOF, ANY MOTELS YOU TAKE, TOLLS, PLUS THE DEPRECIATION ON THE EQUIPMENT THAT IS PURCHASED- LAP TOP COMPUTER, PRINTER, MATTRESS, REFRIG/COOLER MIRCOWAVE,SATELLITE RADIO, CB, TV/VCR, OR BOTH,PLUS ANY OTHER ITEMS OVER $100.00
THERE ARE MANY OTHER DEDUCTION THAT CAN ALSO BE TAKEN, iF YOU WOULD LIKE A DEDUCTION ITEM INFORMATION SHEET I WILL BE GLAD TO SEND YOU ONE FREE OF CHARGE, JUST GIVE ME YOUR NAME & ADDRESS.

iF YOU WOULD ALSO LIKE FOR ME TO DO YOUR RETURN, PLEASE CONTACT ME,
OR FOR ANY ADDITIONAL INFORMATION THAT YOU WOULD NEED GIVE ME A CALL

FRANKS TAX SERVICE
226 CHEROKEE ST
KING MOUNTAIN, NC
704-739-4039
fAX: 704-739-3934
CELL 704-300-5143

11-29-2003, 03:02 PM	#2 (permalink)
Fkatz Moderator Join Date: Nov 1999 Location: . Rating: Posts: 553	RE: Need clarification on mileage Vs. actual costs HI MIKE N, YOUR QUESTION IS , I am a tad confused here. I am running a van and while I can deduct the 36 cents per mile what deductions does offset? I understand I will not be able to deduct fuel if I use the per mile basis. What else can I not itemize? Repairs? Depreciation? Tolls? Thanks in advance. -- ANSWER; IF YOU USE THE MILEAGE DEDUCTION YOU CANNOT TAKE THE ACTUAL EXPENSES THAT OTHERWISE PERTAIN TO THE VAN: DEPRECIATION ON VEHICLE ONLY FUEL REPAIRS TIRES PLUS ANY OTHER PART OF THE VAN ITSELF IT WOULD DEPEND ON THE WAY THE RETURN IS FIGURED, I FIGURE THE RETURN DOING IT BOTH WAYS, IF YOU TAKE MILEAGE YOU CAN ONLY GO TO ACTUAL ONCE, BUT YOU HAVE TO STAY WITH THE ACTUAL EXPENSES ONCE IT IS CHANGED YOU CANNOT GO BACK TO THE MILEAGE DEDUCTION. IF YOU START WITH ACTUAL EXPENSES, YOU CANNOT GO TO MILEAGE AT ALL, IT MUST STAY ACTUAL EXPENSE THROUGHOUT THE LIFE OF THE VAN NORMALLY IT WORKS OUT BETTER TAKING THE MILEAGE THEN ACTUAL, EXSPECIALLY WITH A NEW VAN DUE TO THE WARRANTEES YOU DO GET YOUR PER DIEM, $40.00 US AND $42.00 CANADA PER DAY WITH PROOF, ANY MOTELS YOU TAKE, TOLLS, PLUS THE DEPRECIATION ON THE EQUIPMENT THAT IS PURCHASED- LAP TOP COMPUTER, PRINTER, MATTRESS, REFRIG/COOLER MIRCOWAVE,SATELLITE RADIO, CB, TV/VCR, OR BOTH,PLUS ANY OTHER ITEMS OVER $100.00 THERE ARE MANY OTHER DEDUCTION THAT CAN ALSO BE TAKEN, iF YOU WOULD LIKE A DEDUCTION ITEM INFORMATION SHEET I WILL BE GLAD TO SEND YOU ONE FREE OF CHARGE, JUST GIVE ME YOUR NAME & ADDRESS. iF YOU WOULD ALSO LIKE FOR ME TO DO YOUR RETURN, PLEASE CONTACT ME, OR FOR ANY ADDITIONAL INFORMATION THAT YOU WOULD NEED GIVE ME A CALL FRANKS TAX SERVICE 226 CHEROKEE ST KING MOUNTAIN, NC 704-739-4039 fAX: 704-739-3934 CELL 704-300-5143