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Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
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<p>[QUOTE="Anonymous, post: 4004170"]Actually, IRS allows you to choose between two options ... tolls and parking are extra in both cases.</p><p><br /></p><p>1. Actual cost of operating your car (fuel, repairs, etc., insurance, depreciation, etc.). Means you have to keep accurate records of expenses and apportion them between business and personal use ... for example if you spent $8,000 on auto expenses and 60% of your mileage was business, you could deduct $4,800 plus tolls and parking.</p><p><br /></p><p>2. Total business miles at current IRS rate (which for 2011 I believe is 55.5c per mile). Again, you have to keep accurate mileage records, but let's say you drive 20,000 business miles. Your deduction is $11,100 plus tolls and parking.</p><p><br /></p><p>I think (but I'm not sure; check with your tax advisor) you can go back-and-forth and use the best of the two each year. That means if you had high repair bills one year, you could use the first scenario. If the next year, repairs and other expenses were modest, you could use the mileage scenario.</p><p><br /></p><p>From either amount, you reduce the deduction by the amount of any reimbursement from your employer. So, in the second scenario, if you received $9,000 from your employer, you could deduct the remaining $2,100.[/QUOTE]</p><p><br /></p>
[QUOTE="Anonymous, post: 4004170"]Actually, IRS allows you to choose between two options ... tolls and parking are extra in both cases. 1. Actual cost of operating your car (fuel, repairs, etc., insurance, depreciation, etc.). Means you have to keep accurate records of expenses and apportion them between business and personal use ... for example if you spent $8,000 on auto expenses and 60% of your mileage was business, you could deduct $4,800 plus tolls and parking. 2. Total business miles at current IRS rate (which for 2011 I believe is 55.5c per mile). Again, you have to keep accurate mileage records, but let's say you drive 20,000 business miles. Your deduction is $11,100 plus tolls and parking. I think (but I'm not sure; check with your tax advisor) you can go back-and-forth and use the best of the two each year. That means if you had high repair bills one year, you could use the first scenario. If the next year, repairs and other expenses were modest, you could use the mileage scenario. From either amount, you reduce the deduction by the amount of any reimbursement from your employer. So, in the second scenario, if you received $9,000 from your employer, you could deduct the remaining $2,100.[/QUOTE]
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Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
Home
Forums
>
General Discussion
>
Tricks of the Trade
>
mileage reimbursement
>
Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
Home
Forums
>
General Discussion
>
Tricks of the Trade
>
mileage reimbursement
>