Eyes Wide Open
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Registered:1515617746 Posts: 14
Posted 1516291336
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#1
Is it true, that after this year, we will no longer be able to deduct our millage as a business expense? Has anyone talked to their tax guy about this yet?
Sidney
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Registered:1494879681 Posts: 58
Posted 1516294348
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#2
Looks like the deduction is gone, here is an article taking a look at the changes.https://www.fool.com/taxes/2018/01/18/your-complete-guide-to-the-2018-tax-changes.aspx
__________________ Sidney
outwest
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Registered:1259200797 Posts: 7
Posted 1516724949
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#3
My tax guy said if we are classified as a statutory employee we can still claim unreimbursed business expenses. Hence my question on W2's. I have been audited twice in the past over mileage. Both times I was told I should be classified as statutory and my mileage would not have been questioned.
Eyes Wide Open
Junior Member
Registered:1515617746 Posts: 14
Posted 1516831789
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#4
From What I am seeing-it looks like the deduction will not be available at all when filling 2018 taxes. How much do you think it costs to use your car-all in gas, depreciation, oil changes, tires, repairs?
itzakadoozie
Junior Member
Registered:1353331669 Posts: 16
Posted 1517311537
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#5
Not getting mileage written off will mean sales reps will be sitting on their couches, taking orders. That sucks.
Sidney
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Registered:1494879681 Posts: 58
Posted 1517323645
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#6
Under the new commission plan at US Foods TM's are paid mileage as part of the plan.
__________________ Sidney
Foodrumorref
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Registered:1395231606 Posts: 13
Posted 1517359594
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#7
I am also hearing that we will no longer be able to claim home office next year? If this is true this will effect many a Regional, Broker, etc. I hope this is a mistake?
DENFOODIE
Junior Member
Registered:1488512906 Posts: 10
Posted 1517548124
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#8
That's correct. No mileage or home office claims. The new tax plan that was passed changed all this,
Eyes Wide Open
Junior Member
Registered:1515617746 Posts: 14
Posted 1519512955
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#9
Hey What's your number? (.52 cents per mile) X ( miles you drive for work) = ?
chefblue
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Registered:1460673964 Posts: 19
Posted 1519703319
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#10
Last year was 25k, down almost 1,000 from previous year.
__________________ ChefBlue
Eyes Wide Open
Junior Member
Registered:1515617746 Posts: 14
Posted 1520011127
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#11
If you drive 500 miles a week it costs you $13,000/ year out of pocket just for the car. can that be right? Ouch!
SonofAbeach
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Registered:1272655117 Posts: 80
Posted 1520426231
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#12
Fuel, Insurance, Normal Maintenance, (Oil, Brake Pads, Lights, Tires).
Salamiking
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Registered:1517375016 Posts: 5
Posted 1520475816
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#13
Quote:
Originally Posted by Eyes Wide Open If you drive 500 miles a week it costs you $13,000/ year out of pocket just for the car. can that be right? Ouch!
I drive 1000-1200 miles a week, my boss doesn’t have globe.
Eyes Wide Open
Junior Member
Registered:1515617746 Posts: 14
Posted 1523410263
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#14
Update: my tax guy told me that next year my return will be $5,000-$6,000 LESS because of he new tax laws.
sellmesomething
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Registered:1519314624 Posts: 1
Posted 1523456176
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#15
Is there any "rumble" from your employer about assisting sales reps with the extra burdens of the cost associated with managing your territories?
SoCalFoodDude
Senior Member II
Registered:1264888045 Posts: 440
Posted 1523500537
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#16
IRS mileage is 55 cents a mile. Runzheimer pays 17 to 19 csnts a mile based on fuel prices. I claimed a $5,000 deduction for what Runzheimer didn't pay on my 2017 taxes. Thanks to the tax scam that the republicans snaked through, I won't be able to take that $5,000 for 2018. Also, I won't be able to deduct my cell phone either.