Deductions and Write-Offs
The most frequently asked tax questions related to Deductions and Write-Offs
Taxi - standard mileage rate
Asked Monday, November 28, 2011 by an anonymous userCPA Answer:
As of 12/31/10 the ban on using the standard mileage rate on auto's used for hire such as a taxi was lifted. The standard mileage allowance for business use of a auto in 2013 is 56.5 cents per mile for business miles driven.
Traffic tickets
Asked Monday, November 28, 2011 by an anonymous userCPA Answer:
No. Fines for traffic violations, parking violations are not deductible.
Auto expenses
Asked Monday, November 28, 2011 by an anonymous userCPA Answer:
The actual expense method allows a individual to deduct all out of pocket costs for operating the auto plus depreciation if you own the auto.
Some of those costs are Gas, insurance, repairs & maintenance garage rent, lease fees, licenses, loan interest, oil changes, parking fees, tires, tolls, towing and registration fees.
Some of those costs are Gas, insurance, repairs & maintenance garage rent, lease fees, licenses, loan interest, oil changes, parking fees, tires, tolls, towing and registration fees.
What is the IRS publication that explains Travel & Entertainment expenses?
Asked Monday, November 28, 2011 by an anonymous userCPA Answer:
The IRS publication that explains travel and entertainment expenses is Pub 463.
Is the costs of me driving to work deductible?
Asked Monday, November 28, 2011 by an anonymous userCPA Answer:
No. In general, costs of commuting between your home and workplace are not deductible. Costs for gas for
What is the IRS publication that explains auto expenses?
Asked Monday, November 28, 2011 by an anonymous userCPA Answer:
IRS publication 4636 deals with Travel, Entertainment and Car Expenses.
Publication - auto expenses
Asked Monday, November 28, 2011 by an anonymous userCPA Answer:
IRS publication 463 deals with Travel, Entertainment and Car Expenses.
Artists - Car expenses
Asked Monday, November 28, 2011 by an anonymous userCPA Answer:
If you meet certain requirements to be identified as a "Performing Artist" you can deduct all of your car expenses as a adjustment to income directly on Form 1040 instead as a itemized deduction on Schedule A. There is a 5 step requirement test that must be answered before a person is identified as a Performing artist.
Leased auto - income inclusion?
Asked Monday, November 28, 2011 by an anonymous userCPA Answer:
If you leased a vehicle for more than 30 days and you deduct the lease charges as opposed to using the standard mileage allowance then you must add to your income a income inclusion amount which is based on a IRS table. IRS pub 463 has the lease tables.