OT : Taxes, and Home business Rules and Deductions on Vehicles.

[patrick.bureau at gmail.com (Patrick Bureau)]

actually its not.

Tonee Northam wrote:
> So if VW hired you knowingly that you lived in MD, then VW needs you to commute that far to work in turn using your vehicle for their business, sounds like a deduction. hum?
>  
> Tonee
> 
> Derrick floyd <tyrone27@gmail.com> wrote:
> hmm think I understood half of that. I know I can write off tools at
> a expense of being a technican. where as I need tools of the work I
> do on VW's.
> 
> On 4/16/05, Patrick Bureau 
> wrote:
> 
>>well if you have a business (also known as a Schedule C in tax lingo)
>>and you have business expense (such as tools) you should be allowed to
>>claim vehicle expenses (also known as a "2106" in tax terms), now their
>>may be limited because of the 8829 - home business expense, square footage.
>>
>>for example if you have a room (like I do) that you use for the purpose
>>of the business, then the square footage of that room (taking for
>>example 150 sq/ft in a house of 1500 sq/ft = 10% of home and therefore
>>your limitator for amount of expense deductible under the 8829) you can
>>claim usage of the vehicle as 100% (based on total mileage / amount of
>>mileage driven for business - for example 1500 miles driven on a total
>>of 3,000 total miles = 50% business use from that vehicle in the
>>business environment) so if you have 200$ in gasoline expense related to
>>business use, then the 200$ of gas become 100$.
>>
>>in the same way you could use the laws of vehicle depreciation to
>>depreciate the value of the vehicle, and this number also will be
>>limited by the usage of home business expense rules.
>>
>>Cheers.....
>>
>>Derrick wrote:
>>
>>>hmm damn. well I know I can write off my Tools as a business expense
>>>because its business related. so if I can't do gas what about vechile
>>>maintance
>>>
>>>On 4/16/05, Patrick Bureau 
> 
> wrote:
> 
>>>>Well since I work for Intuit (largest Tax software and CPA support team
>>>>in America) I can answer this question;
>>>>
>>>>you can only have vehicle deductions if your self employed or can claim
>>>>employee expenses on your return (such as traveling folks (ie: carpet
>>>>salesman) or if you own your own company (like I do) you can claim a
>>>>portion of it (usually based on the "Home Office" deductions rules,
>>>>then the percentage of your home business (based on square footage) can
>>>>permit you to claim vehicle expense based on this home business thus
>>>>limited to the percentage of the home office, and or based (greater of
>>>>either) of your mileage expenses as long as their are related to the
>>>>business question.
>>>>
>>>>next question...
>>>>
>>>>Intuit processed over 38 Millions electronic returns this year... go figure.
>>>>
>>>>
>>>>Derrick floyd wrote:
>>>>
>>>>
>>>>>Hi guys. Wanted to ask a tax question. can I write off gas on my
>>>>>taxes if I travel from MD to VA everyday to work? also if my job is
>>>>>in VA do I pay MD and VA state taxes or just VA taxes?
>>>>>
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>>>>>
>>>>
>>>>
>>
> 
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