Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 06-27-2007, 08:16 PM
Junior Member
 
Join Date: Feb 2007
Posts: 10
Can I claim mileage along with actual auto repair expenses?

Dear TaxGuru,

I am rather confused about claiming auto expenses on my tax return. Can I claim actual auto repair expenses as well as the mileage rate??

I really spent a considerable amount of money on auto repairs for my car, which I use 100% for business. Also, I drive a considerable amount for business, so I was thinking how I should best be deducting auto expenses to save maximum taxes.

Need your advice on this one. Thanks a lot...



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 07-31-2007, 05:00 PM
Junior Member
 
Join Date: Jul 2007
Posts: 12
no, you use one or the other. Your tax software will probably ask you to run scenarios of both to see which is best.



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
  #3 (permalink)  
Old 04-11-2011, 10:28 PM
Banned
 
Join Date: Apr 2011
Posts: 3
thanks for making things clear cfpclu. I've been confused with regard to this matter but good thing i've read this thread.



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
  #4 (permalink)  
Old 12-05-2011, 06:36 AM
Junior Member
 
Join Date: Oct 2011
Posts: 3
The Internal Revenue Service offers taxpayers the option to either take a standard deduction or to itemize their deductions on their taxes. If you have limited mileage and toll expenses but not significant other deductions, such as medical costs, mortgage interest or charitable donations, it is unlikely that you will benefit from not taking the standard deduction. In 2009, the standard deduction is $11,400 for married couples filing jointly, $8,350 for heads of household and $5,700 for singles or married individuals who file their own tax returns. The IRS allows vehicle expenses and tolls incurred for business to be deducted if you itemize.



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
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

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


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.