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September 19th, 2002, 02:49 PM
#1
Registered User
mileage reimbursement?
Our mileage reimbursement just went from $0.36 to $0.12 a mile. We were told we could deduct the $0.24 difference off our taxes? That may be true if you do itemized deductions but what if someone doesn't?
What do you guys get if you travel to clients sites?
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September 19th, 2002, 02:52 PM
#2
I don't travel to clients, but if we go to a conference or something like that we get $.34/mile.
Of course, we could always take the comp car if we wanted too. Brand new Malibu. Not much to look at, but it cruises nice on the highway.
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September 19th, 2002, 02:58 PM
#3
Registered User
I used to get .30 a mile, now we have a company car (well two of them actually) and a gas card. I prefer it, as it saves all those miles off my car.
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September 19th, 2002, 03:44 PM
#4
Registered User
34.5 cents per mile here.
Sounds to me like they are giving you a load of crap......
Last edited by Coaster Creator; September 19th, 2002 at 04:33 PM.
Failure is not an option -- its a "feature" of Windows.
Mama never told me geekhood was gonna be like this....
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September 19th, 2002, 04:24 PM
#5
Re: mileage reimbursement?
Originally posted by SLASH1
Our mileage reimbursement just went from $0.36 to $0.12 a mile. We were told we could deduct the $0.24 difference off our taxes? That may be true if you do itemized deductions but what if someone doesn't?
What do you guys get if you travel to clients sites?
First of all, your boss is cheap. This is really wrong.
Okay, having said that, I wonder how this will work. Normally, you can only deduct on your taxes for job related expenses for which you are not reimbursed. This may be an all or nothing situation, so I'm wondering how it works since you have received partial reimbursement.
"Tell me, and I'll forget. Show me, and I'll remember. Involve me, and I'll learn." -- Marla Jones
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September 19th, 2002, 04:43 PM
#6
Registered User
That's crap. Like you said, if you take the standard deduction there is no benefit. Maybe you should buy a POS car and paint on the side of it, in big red letters, my company can't afford to pay for travel.
Deliver me from Swedish furniture!
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September 19th, 2002, 05:57 PM
#7
Registered User
$0.35 Canadian per kilometre. That is the standard used by the Professional Engineers of Ontario.
My Chevy Impala uses about 6 cents of fuel per kilometre. Factor in insurance (which I pay about $100 a month) plus repairs (I had a $900 complete brake job a while back) and 35 cents is not unreasonable.
12 cents doesn't cover your expenses to operate your vehicle, and if I were in your shoes I would inform your boss that you are unable to operate your own vehicle for company purposes at that rate, and if they want you to get from place to place, they can either supply a company car or pay your cab fare!
What I can't understand is why your company would cut back on this. They are able to claim 100% of those expenses, why wouldn't they???
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September 19th, 2002, 06:41 PM
#8
Flabooble!
$0.22 here, and that's what they lowered it to.
$0.12 covers gas but not a lot more, like oil changes tires and other stuff. That's a crock. Deducting the other $0.24 sounds like a crock too. Ask an accountant.
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September 19th, 2002, 08:19 PM
#9
MegaMod
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September 20th, 2002, 08:39 AM
#10
Registered User
We get 36.5 center per mile. We don't do a lot of traveling, though. It's all covered - and anything over a 2 hour drive gets me a hotel room!
It's nice working for a bank with lawyers and accountants that can manage to write off pretty much everything.
Vote DrewmazTech for President!
"tis better to remain silent and be thought of as a fool then open your mouth and remove all doubt" Mark Twain
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September 20th, 2002, 09:07 AM
#11
Registered User
Re: mileage reimbursement?
Originally posted by SLASH1
Our mileage reimbursement just went from $0.36 to $0.12 a mile. We were told we could deduct the $0.24 difference off our taxes? That may be true if you do itemized deductions but what if someone doesn't?
What do you guys get if you travel to clients sites?
Well that is true but the outcome will NOT be the same. The deduction reduces the amount of your taxable income. So you will really only see about $0.048 of each mile in reduced tax that you owe. ( Assuming you are in the 20% bracket) You may want to check the local laws in your area regarding payment of travel in personal vechles. This also dosen't count all the extra work it will be to keep track of those miles and keep the documentation for the tax man.
Depending on where you live that $.12 barely covers gas.
/disclamer: I am not a licensed tax advisor, Please verify the statement made here with the laws in your area.
Last edited by TheLow1; September 20th, 2002 at 01:32 PM.
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