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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?
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. :)
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.
34.5 cents per mile here.
Sounds to me like they are giving you a load of crap......
First of all, your boss is cheap. This is really wrong.Quote:
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?
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.
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.
$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??? :confused:
$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.
We currrently get 16 cents a mile...it used to be 12. And yes, you can deduct the difference from your taxable income . So, it is not a direct write-off! You don't get it all back!
This has been a sore subject with me for a long time. I've been doing this for many years and we go through this same thing every year.
And yes, your boss is a cheap-skate!:flame: :flame:
But then again, so is mine...:( :(
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.
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.Quote:
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?
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.