I do I.T. consulting and use my personal car, should I claim this as a deduction or am I opening up a can of ?
451484
IRS encourages everyone to prepare their taxes that is most advantageous to them. First are you an employee (W-2) or contractor (1099s for each job) Do you file a Schedule C? or not. As an employee do these deductions surpass your standard deduction on the 1040? If you have the paperwork to support your claim the deduction, go for it....If you file a Schedule C yes you should take them.
900881
According to page 97 of IRS publication 17:\n\n"Personal Use Property - Property held for personal use only, rather than for investment, is a capital asset, and you must report a gain from its sale as a capital gain (on Schedule D).  However, you can NOT deduct a loss from selling a personal use property."\n\nThere are four types of property, personal-use (your boat, car, home, clothes, furniture), investment-use, business-use, and inventory.  You mentioned being able to write-off the loss on your home.  If you see anywhere where it says that, please let me know.\n\nSo, if you sold your boat at a profit, Uncle Sam wants a cut.  If you sell it at a loss, too bad.  Not fair, is it?
232425
If you are talking about the milage it takes for you to commute back and forth to you job, you cannot deduct the milage.  If you have to do that traveling in the course of your employment, and you're not reimbursed by your employer, then it can be deducted.\n\n(Maybe the accounting student should study more)
1105322
Car payments, no, assuming you own the car.\nHowever, you can deduct a proportionate amount of the interest on the note (or lease payment if car is leased), maintenance, repairs, gas, insurance, taxes etc.  The ratio will be your business miles divided by total mileage for the year.  If you have not (or do not) save your receipts, you can elect to use the standard mileage rate (changes each year) and apply that to your business mileage.  However, if you choose to use the actual expense method, you have to use that method as long as you have the car or are in that business.  You will have other issues as well if your business usage is over 50%.  I personally suggest people use the mileage rate since the record-keeping is easier and, unless you are driving a luxury auto, the deduction is typically higher.
724145
If you have a choice, you should request being "w2'd".  Filing a 1099 means you must pay both the employer and employee portion of FICA and Medicare.  Of course, there shouldn't really be a choice, either you're an employee or you're an independent contractor.  As an independent contractor, if you travel (not commute) for your job you can deduct auto expenses.  If you use a portion of your house for the business, you can deduct home office expense, however, that's a little tricky and can sometimes trigger an IRS audit, so make sure it's done right.  Keep receipts for any expenses you have related to your income - supplies, etc.  You sound like you could use a professional tax preparer.
773963
Either way, you're going to have to get some kind of business liability insurance.  If you teach at home, you may be able to get a rider on your homeowners/renters insurance.  \n\nIf you're a homeowner, and have a specific space in the house that is only used for your studio, you can get a small deduction on your taxes.
254196
Yes. Any expense that is ordinary and necessary for you to run your business is deductible. There are to many to list here. To sum it up if you have to have it to make your business run than it IS a deduction. Also if you do your billing or keep you records in your home you might be able to take a home office. You can take such little thing as sunglasses off. I would not want to be behind a trucker with the sun in their eyes. Good luck.
245469
You are given an allowance in the Tax\nscheme for these things,so I don't think\nyou can claim them.check with your taxman\nto be sure.
53658
Go to any 'city hall' that corrosponds with your area\nthrough the info desk you should have one w/a small\nfee by the end of next week. Remember to name it as\na "bussiness" for all inclusive tax purposes. Write \noff the car, gas, car ins.\nAnother way would be to submerge yourself into the\nsurroundings of your interest...as with any\n"independant" endevore...please be careful, there is\nplenty of money to go around in this world. Yet, \nthere is only one of you.
892397
If you are receiving a flat dollar amount per month from your employer for the use of your personal automobile while on company business the likelihood is that you will not be getting reimbursed for gasoline purchases as well, although I have seen instances in my accounting practice where an employer will pay both. You will have to ask your employer to explain its policy in this regard if you are not sure.\n\nThe important thing to be aware of is that this money is subject to income tax in your hands as a taxable benefit. In this respect it is important to keep track of all your automobile operating costs as well as the mileage you are driving while on business. At tax time you add up all your auto operating costs, multiply it by the proportion of your business mileage over your total mileage for the year. The resulting figure is the costs you have incured while on business. This cost can be taken as a deduction in computing your income for tax purposes. In some cases these costs will exceed the amount received from your employer as a car allowance thereby offsetting the fact that you have to include the allownace in your income while at the same time giving you some tax saving on the difference. \n\nMany employers pay their employees a mileage allowance for the use of their personal automobiles while on business. Employees are required to report the distance travelled and the reason for the trip on an expense report. As long as the per kilometer rate paid by the employers is equal to or less than the prescibed amounts permitted by the Canada Revenue Agency, then this type of alowance does not have to be included in the employee's income for tax purposes.\n\nFor more detailed information go to the website below
1112472
If you are using you vehicle for business purposes, then yes you can deduct it.\n\nThe extent of your deduction is based on what type of vehicle you get.  You might want to use just mileage (and you have to watch was is and isn't considered deductible) or depreciate your vehicle's business use percentage.  Remember to keep good records and think about consulting a CPA before year end to discuss.\n\nGood luck!
336618
If you run your own business then the rules are different. If you are employed, your company would usually pay you a car allowance and a small amount per mile.\nLook for answers here:www.hmrc.gov.uk Use the queries phone line for advice.
206419
you can deduct it on your tax return\n\ngo to www.irs.gov for tax laws and information.
311716
You have to check your state tax code.  There are some states who no longer let you take the blue book deduction when you donate a car.
295543
In general travel to and from work is not a tax deduction, unless in very special circumstances you work actually begins at home and your travel the office is to contnue that work which you started AT HOME. Basically the answer is no many people have tried and even gone to the special commissioners to try and have this claim instated.
15571
If you are not re-imbursed keep track of your mileage and you may be able to deduct it on your income taxes as a business expense.\n\nThe IRS mileage rate is 37.5 cents a mile.
1002842
Yes. They can come to the workplace and ask as to your whereabouts. They are trying to collect on a debt and as long as they did not release any credit information to the other employees it was legal. \n\nTo avoid this in the future you have  to send a letter to the company. Request that no contact be made through your job. In order for itt to be considered a legal request you have to send it certified mail to the company asking them to refrain from making contact at your place of employment(include the address) and make sure it has to be signed for when received.\n\nIf you can't afford the car, you should just set up a time to give it back to them. It is alot less hassle and cheaper in the end. Not to mention you won't risk coming out of a store or your job and have the car just be gone.