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Old 01-02-2015, 05:04 PM
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Claiming Fuel Expenses

I am trying to file my small business taxes myself. Before you suggest I do it the right way by having a professional do them, I can't afford it. Last year it cost me just over 1,000 for a professional. I purchased a H&R Block premium business program that I downloaded. Most of it is very self explanatory and easy to follow. However I am stuck at where to claim the expenses for fuel. I know it can be done because for the past 3 years the professional was able to claim them. But I don't know where. What form or schedule should be used. To clarify I am trying to claim the money I spent on gas traveling from job to job. I owned a property maintenance company that worked on a different site every day.



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Old 01-03-2015, 09:29 PM
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Quote:
Originally Posted by bugsnsofiesmama View Post
I am trying to file my small business taxes myself. Before you suggest I do it the right way by having a professional do them, I can't afford it. Last year it cost me just over 1,000 for a professional. I purchased a H&R Block premium business program that I downloaded. Most of it is very self explanatory and easy to follow. However I am stuck at where to claim the expenses for fuel. I know it can be done because for the past 3 years the professional was able to claim them. But I don't know where. What form or schedule should be used. To clarify I am trying to claim the money I spent on gas traveling from job to job. I owned a property maintenance company that worked on a different site every day.
it depends; as you own the car, you may use the standard mileage rate to calculate your deduction, based on only the miles driven for business, excluding the standard commute. You may also use the actual expense method in which you determine the actual cost of gas spent for business purposes for the year. If you qualify for either method, you may want to calculate both and see which one benefits you more.

as you use your personal car as part of your biz you operate, the IRS will allow you to claim a deduction for either your fuel costs or mileage.as you are self-employed, you are also allowed a deduction for fuel or mileage, but only for the times you use the car for the business. If you split the use of the car between personal and business, you must allocate your expenses between deductible business and nondeductible personal;so aslongas you use actual expenses, you can always claim a deduction for your actual expenses that solely relate to work. Commonly, this includes the fuel and oil consumed when using the car for your business. You can also deduct other expenses you incur such as car insurance, registration fees and some repairs. If you only use the car 75 percent of the time for work or business, however, then you can only claim a deduction equal to 75 percent of these costs. If you choose mileage rate method, then the deduction with the mileage rate is simpler than accounting for all of your actual costs. To arrive at your total deduction, you simply multiply the rate by the number of miles you drive during the year for business purposes. If you choose to calculate your deduction using the standard mileage rate, 56.5 cents per mile for 2014, You cannot deduct both miles and gasoline on your taxes. You must choose either mileage or the actual expense method of deduction. then you cannot claim any additional deduction for your insurance, registration fees or repairs. The purpose of the rate is to estimate a portion of these costs per mile.on line 9 on your sch c of 1040,
Car/Truck expense mileage cost for your vehicle (figured on part II of sched C) OR (and you only get one or the other) from Form 4562, your gas, oil, repairs, insurance, depreciation, license tags



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