Actual Expenses / Logged miles

[daycare]

I meet with my tax lady yesterday who informed me that I can not write off any of the vehicle insurance, vehicle interest, registration, or miles driven.

She told me I could only take a T/S% of one or the other. The actual expenses or the gas/miles. I am really confused. My husband always had the taxes filed in the past and we have always had to pay. I wanted to do it this year with a seasoned CPA. BUT I still have a lot to learn as you can see.

Help on this please. Thanks

[TomCopeland]

car expenses

I meet with my tax lady yesterday who informed me that I can not write off any of the vehicle insurance, vehicle interest, registration, or miles driven.

She told me I could only take a T/S% of one or the other. The actual expenses or the gas/miles. I am really confused. My husband always had the taxes filed in the past and we have always had to pay. I wanted to do it this year with a seasoned CPA. BUT I still have a lot to learn as you can see.

Help on this please. Thanks

Your tax lady is sorely misinformed. You never use your time-space % for car expenses. It's illogical. If you use the standard mileage rate you can deduct $.565 per business mile, plus parking, tolls, and a portion of your car loan interest and car property tax (if your state has this). If you use the actual expenses method you can claim a portion of all actual expenses of operating your car.

The business portion of these car expenses is determined by dividing your business miles by the total miles the car was driven. So, if you drove 2,000 business miles and 10,000 total miles, your business portion is 20% and you get 20% of the items identified above.

[daycare]

Your tax lady is sorely misinformed. You never use your time-space % for car expenses. It's illogical. If you use the standard mileage rate you can deduct $.565 per business mile, plus parking, tolls, and a portion of your car loan interest and car property tax (if your state has this). If you use the actual expenses method you can claim a portion of all actual expenses of operating your car.

The business portion of these car expenses is determined by dividing your business miles by the total miles the car was driven. So, if you drove 2,000 business miles and 10,000 total miles, your business portion is 20% and you get 20% of the items identified above.

thank you so much for clearing this up for me. I will be sure to print this off and take it to her tonight. I will finalize the last details of my taxes tonight.

Thanks so much for your help.

When is your webnair again?

[TomCopeland]

webinar

thank you so much for clearing this up for me. I will be sure to print this off and take it to her tonight. I will finalize the last details of my taxes tonight.

Thanks so much for your help.

When is your webnair again?

Don’t miss my February 4th webinar “Tax Changes for 2013: How to Avoid Mistakes When Filling Out Your 2013 Tax Forms.” It starts at 9pm Eastern Time and is sponsored by Daycare.com. Register here: http://events.r20.constantcontact.co...&llr=yatrx4cab