| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 2464.1 | Yes you can | XLIB::BRUNELL | Outlanders MRO D Division Champs, Again | Tue Apr 13 1993 12:43 | 8 |
| Yes you can claim the difference on your federal income tax. IRS form
21mumble, the one for business expenses lets you figure out the amount
at .28/mile and then you deduct from that the amount DEC gave back to
you. the difference goes on your itemized deductions.
Dave
Who claimed it once when he did a lot of driving
|
| 2464.2 | as I understand it | UNYEM::JAMESS | | Tue Apr 13 1993 12:52 | 12 |
| You can deduct the difference between the 28.5 that th IRS allows and
the 22.5 that Digital allows. However you can only deduct the amount
that exceens 2 percent of your gross adjusted income. If you GAI was
20000 and you mileage was 10,000 the calculation would be:
28.5 -22.5 x 10000 = $600.
20000 x .02 = 400
600 -400 = 200 deduction
Steve J.
|
| 2464.3 | may be a threshhold level | MSDOA::SCHMIDT | | Tue Apr 13 1993 13:33 | 7 |
| WIth some business deductions you must pass a threshhold value of
xx% of gross earnings. I think this holds in the case of the field's
"plan b" car plan where any expenses above the Digital reimbursement
must be greater than some percentage of your gross. It's very similar
to the way the medical deductions work.
Chuck
|
| 2464.4 | Form Number... | NEWVAX::PENNINGTON | And darkness was on the face of the Analyst... | Tue Apr 13 1993 20:10 | 3 |
| For anyone interested in doing this, the form you need is 2106.
TomP
|
| 2464.5 | 2% threshold | TMAKXO::RCANTRELL | | Fri Apr 16 1993 13:23 | 2 |
| The threshold is 2% of adjusted gross income.
|
| 2464.6 | | TOOK::MORRISON | Bob M. LKG2-2/BB9 226-7570 | Sun Apr 18 1993 02:48 | 3 |
| Basically, Digital is saying you have to pay a fraction of your business
travel costs out of your own pocket. Most people don't do enough business
travel by personal car to incur a large out-of-pocket cost.
|
| 2464.7 | | SOLVIT::ALLEN_R | Meet the new boss, same as the old boss | Sun Apr 18 1993 21:49 | 3 |
| so just what is the avg cost per mile people are paying to use their
own car for business? Last I heard way back several years ago it was
getting close to .40/mile.
|
| 2464.8 | | HAAG::HAAG | Rode hard. Put up wet. | Sun Apr 18 1993 22:45 | 6 |
| the AAA in MN calculates .37 cents per mile cost of driving ones
vehicle. i currently refuse to drive long distances with my vehicle for
the company. a 100 here and there is cool. 700-900 a month, compensated
at .225/mile, nope! and i average that easily. a 300 mile roundtrip
customer visit ain't that rare in this neck of the woods. and these
days we mostly drive.
|
| 2464.9 | | SOLVIT::ALLEN_R | Meet the new boss, same as the old boss | Mon Apr 19 1993 14:19 | 2 |
| what's this gene, you're not willing to pay for the privilege of
working for DEC.?
|
| 2464.10 | | 29215::RWARRENFELTZ | | Wed Apr 21 1993 15:19 | 1 |
| The IRS rate is .28/mile not .2850 as someone else mentioned.
|
| 2464.11 | | HAAG::HAAG | Rode hard. Put up wet. | Mon Apr 26 1993 01:03 | 3 |
| ritchie
but i do pay for the priviledge of working for dec. every damn day.
|
| 2464.12 | | TALLIS::KIRK | Matt Kirk | Mon Apr 26 1993 15:14 | 22 |
| re .7:
The car I just sold worked out as follows:
1988 Toyota Camry DLX, loaded - 95,400 miles
Depreciation: $ 8900
Maint. contract: $ 595
Other Maintenance/parts $ 4500
------
$13995 (14.6 cents/mile)
Gas $ 3800 (3.9 cents/mile - based on $1.20 a gallon, 30 mpg)
Insurance $ 5500 (5.7 cents/mile)
Total, 5.5 years: $23295 (24.4 cents/mile)
(there's a rounding error here)
Costs would have been a lot higher if the engine replacement hadn't been covered
by the maintenance contract - maintenance would have gone to $6500.
|
| 2464.13 | Missing costs? | NOVA::SWONGER | Rdb Software Quality Engineering | Mon Apr 26 1993 18:16 | 16 |
| re -.1
Hi Matt.
A couple of things to add in to the cost of operating a car:
-financing
-tolls
-registration and license plate fees
-automobile excise tax
All of these go into the cost of operating a vehicle, and must be
accounted for when something like business mileage reduces the life
of the car.
Roy
|
| 2464.14 | | TALLIS::KIRK | Matt Kirk | Mon Apr 26 1993 21:42 | 16 |
| You're right on all of those except tolls, which do add to the expense of
running the car but are billed to the company in addition to mileage.
Financing can include either interest or the cost of using the money that
way (e.g. you're not getting interest on the money you shelled out for the
car). I only financed a small part of the car and paid it off in 2 years,
so I don't know how to count that. The interest was about $400.
Registration ran $264 over about 5 years ($150+$45*2+$24). Excise
was probably something like $600 over 5 years (the two big ones I
remember were $250 and $175).
So at a minimum, there's another $1300 worth of expenses - 1.3 cents per
mile.
Matt
|