Mileage
Hi! My company either pay for gas when I travel for site visits or mileage reimbursements. They said if I do the gas option I can claim my mileage on my taxes and get more money back verses having the company pay for my mileage. Which is better
Quick Answer:
As a CPA, I must advise against claiming mileage reimbursement *and* gas expense deductions simultaneously. This is double-dipping and is illegal.
You can only deduct one or the other. If your company reimburses your gas expenses, you cannot claim a mileage deduction. If they reimburse you for mileage, you can't deduct gas expenses.
Which option is "better" depends on your specific circumstances and the rates your company uses for reimbursement. Compare the total amount you'd receive under each scenario (reimbursement vs. reimbursement plus tax deduction). The option yielding the higher net amount after taxes is financially preferable. Consult your company's reimbursement policy for details.
Note: This answer is provided for convenience only. It is important that you speak to a CPA about your individual tax situation.
