Deductables when using mileage formula.

[OntarioVanMan]

Hey Frank.

You have a list of whats deductable when using the mileage system?
I remember:
Tolls
Showers
Motel

I believe maintenaince, fuel, van payments, insurance all are covered under the mileage system.

Hows about faxes?...clothes...office supplies...cell phone..lap top..??

 

[Fkatz]

Hey Frank.
You have a list of whats deductable when using the mileage system?
I remember:
Tolls
Showers
Motel
YES ON THE THREE ABOVE/

I believe maintenaince, fuel, van payments, insurance all are covered under the mileage system.

ALL OF THE ABOVE, DEPRECIATION, MAINTENAINCE, FUEL PAYMETNS INSURANCE, AND TIRES, REPAIRS NOT NOT ALLOWED WHEN MILEAGE IS TAKEN. /

Hows about faxes?...clothes...office supplies...cell phone..lap top
YES ON ALL BUT CLOTHES, IF IT DOESN'T HAVE A LOGO ON IT FROM THE COMPANY YOUR LEASED TO, IT IS NOT DEDUCTIBLE AT ALL.

LAPTOP, TV, REFRIGE, VCR, DVD, CB, ALL HAS TO BE DEPRECIATED OVER YEARS SOME 3, SOME 5, BUT MUST BE OVER $100.00

if UNDER $100 YOU MUST DEPREICATE IT AS A 179 DEDUCTION, THAT IS THE FULL AMOUNT THAT YOU PAID FOR THE ITEM IS COMPLETELY DEDUCTED.

THE SAME FOR COMPUTER SOFTWARE MUST USE 179 DEDUCTION


YOUR CELL PHONE COST IF OVER $100 MUST BE DEPRECIATED FOR THE PHONE ONLY,
IF YOU MAKE PERSONAL CALLS IT MUST BE DEDUCTED AS A PERCENTAGE, MEANING IF YOU MAKE 10% FOR PERSONAL USE, THEN ONLY 90% OF THE TOTAL IS DEDUCTIBLE.

ALSO IF YOU NEED A DEDUCTIBLE LISTING PLEASE E-MAIL ME DIRECTLY REQUESTING ONE AT [email protected]


Frank