Eyes Wide Open
1515617746
Posted 1516291336
Reply with quote #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
1494879681
Posted 1516294348
Reply with quote #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
outwest
1259200797
Posted 1516724949
Reply with quote #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
1515617746
Posted 1516831789
Reply with quote #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
1353331669
Posted 1517311537
Reply with quote #5
Not getting mileage written off will mean sales reps will be sitting on their couches, taking orders. That sucks.
Sidney
1494879681
Posted 1517323645
Reply with quote #6
Under the new commission plan at US Foods TM's are paid mileage as part of the plan.
Foodrumorref
Moderator
1395231606
Posted 1517359594
Reply with quote #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
1488512906
Posted 1517548124
Reply with quote #8
That's correct. No mileage or home office claims. The new tax plan that was passed changed all this,
Eyes Wide Open
1515617746
Posted 1519512955
Reply with quote #9
Hey What's your number? (.52 cents per mile) X ( miles you drive for work) = ?
chefblue
1460673964
Posted 1519703319
Reply with quote #10
Last year was 25k, down almost 1,000 from previous year.
Eyes Wide Open
1515617746
Posted 1520011127
Reply with quote #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?
SonofAbeach
1272655117
Posted 1520426231
Reply with quote #12
Fuel, Insurance, Normal Maintenance, (Oil, Brake Pads, Lights, Tires).
Salamiking
1517375016
Posted 1520475816
Reply with quote #13
Quote:
Originally Posted by Eyes Wide Open $13,000/ year out of pocket just for the car. can that be right?
Eyes Wide Open
1515617746
Posted 1523410263
Reply with quote #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
1519314624
Posted 1523456176
Reply with quote #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
1264888045
Posted 1523500537
Reply with quote #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.
