I use my vehicle for work

Question

Can I claim my gas on taxes? Do I need to save my receipts? Are their any tax breaks I can get? Or credits? What about mileage?

Answer 1

If you use your own vehicle for business miles, you can deduct either actual car expenses (pro-rated for the number of business miles compared to your total miles) or a flat rate of 58.5 cents per mile.  In any case you need to keep a log of ALL of your miles driven on that vehicle, separating them into personal miles, business miles, and commuting miles.  Commuting miles, the miles from home to work and back, are NOT deductible, only the miles you drive while on the job.

If you are self employed, you take the deduction on your schedule C.  If you are an employee, it's more complicated - you can only deduct the amount that's over 2 pct of your adjusted gross income, and even then, can only deduct it if you itemize.

Answer 2

mileage rate for Jan - June 2008 is 50.5 cents

mileage rate for July - Dec 2008 is 58.5 cents

You either claim mileage or actual expenses you can't do both.

Answer 3

yes if  you itemize your taxes you can write off the gas you used just keep all of the receipts or and keep track of the miles you used sometimes they go by miles or sometimes its dollars spent on gas thats up to who does your taxes to figure out which is best for you

Answer 4

IRS Announces 2008 Standard Mileage Rates; Rate for Business Miles Set at 50.5 Cents per Mile

  

IR-2007-192, Nov. 27, 2007

WASHINGTON — The Internal Revenue Service today issued the 2008 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning Jan. 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:

50.5 cents per mile for business miles driven;

19 cents per mile driven for medical or moving purposes; and

14 cents per mile driven in service of charitable organizations.

The new rate for business miles compares to a rate of 48.5 cents per mile for 2007. The new rate for medical and moving purposes compares to 20 cents in 2007. The rate for miles driven in service of charitable organizations has remained the same.

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile; the standard rate for medical and moving purposes is based on the variable costs as determined by the same study. Runzheimer International, an independent contractor, conducted the study for the IRS.

The mileage rate for charitable miles is set by law.

A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS), after claiming a Section 179 deduction for that vehicle, for any vehicle used for hire or for more than four vehicles used simultaneously.

Revenue Procedure 2007-70 contains additional information on these standard mileage rates.

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