GoFuckYourself.com - Adult Webmaster Forum - View Single Post - What happens when an employee deducts as much as he earns?

media · 11-21-2013, 12:21 PM

Honestly you'll probably get audited because of the ratio of deductions to income..

But when I was driving a lot for work trips between three different state offices, I was doing about 1600 miles a month.. all the time every month.. back then the deduction was $0.35 per mile.. so I was racking up $560 per month in deductions easy, plus lodging and meal expense deductions..

I'd still have to pay out my ass with quarterly estimated payments and then with what I'd owe at the end of the year.. but the deductions basically helped offset the cost of the car I was purchasing.. I also got to write off the interest on the car..

My accountant would not allow anything that was not above board.. so I had trip sheets for every trip, detailing milage, I'd also keep gas purchase reciepts to document the milage/fuel usage..

You can only do standardized mileage deduction OR the cost of repairs and gas to the vehicle.. not both.. usually the standardized mileage deduction is the best option..

11-21-2013, 12:21 PM
media Confirmed Moneymaker Industry Role: Join Date: Apr 2002 Location: Eugene, OR It's Like Jail, Only with Trees! Posts: 9,853	Honestly you'll probably get audited because of the ratio of deductions to income.. But when I was driving a lot for work trips between three different state offices, I was doing about 1600 miles a month.. all the time every month.. back then the deduction was $0.35 per mile.. so I was racking up $560 per month in deductions easy, plus lodging and meal expense deductions.. I'd still have to pay out my ass with quarterly estimated payments and then with what I'd owe at the end of the year.. but the deductions basically helped offset the cost of the car I was purchasing.. I also got to write off the interest on the car.. My accountant would not allow anything that was not above board.. so I had trip sheets for every trip, detailing milage, I'd also keep gas purchase reciepts to document the milage/fuel usage.. You can only do standardized mileage deduction OR the cost of repairs and gas to the vehicle.. not both.. usually the standardized mileage deduction is the best option.. __________________ I'm here for the violence!