Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 10-15-2010, 04:15 PM
 
Posts: n/a
Auto Expense question

Why would my vehicle expense deduction be zero, if I have and inputted all of the expenses I had for last year?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 10-20-2010, 08:41 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
You need to show the percentage of vehicle usage by inputting the business miles driven as well as the total miles driven for the year. Thus, the tax software program will be able to calculate the % of business usage, and will apply this percentage to the actual auto expenses.

Once you have done this, you will be able to choose the greater of actual auto expenses (multiplied by business usage) versus the auto expenses using the business mileage method.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Question about Travel expense and income tax coolpet C-Corporation 0 07-31-2010 05:58 PM
529 plan eligible expense question jmmorgan Education Planning 0 07-30-2009 10:20 AM
Auto Self Employed Business Expense coordinator Auto Expenses 1 06-18-2008 12:01 PM
Auto Lease Expense teleminder Auto Expenses 0 05-19-2008 04:10 PM
Treatment of Auto lease expense on Corporate tax return? Sabby Auto Expenses 1 01-26-2007 11:45 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.