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| *Ostroff, Fair and Company>>>United States Taxes |
In Connecticut, Can I claim all my gas receipts or just mileage on my taxes? |
My truck has combination plates, and is used for business and personal use, but 99.5% for business You can use actual expenses, or a rate of .445 cents per mile. Using the standard mileage rate is the easiest way, just multiply your business mileage by .445 to get the amount of your deduction. This amount takes into consideration gas, insurance, depreciation, etc. You may also deduct tolls in addition to the standard mileage rate. If you choose to use actual expenses, you would need to figure out total amounts spent for gas, insurance, repairs, tolls, parking, etc. Then you would multiply each amount by .995 to get the amount allocated to business use. This obviously would be more time consuming, and does not necessarily give you the larger deduction. Source(s): http://www.irs.gov/instructions/i2106/ch... Which taxes your state or federal? if your are talking federal you can claim both and wear and tear on your auto. Check with a tax consultant of the IRS they will tell you the truth they don't bite. I have let them do my taxes for free several times and they do rapid refund for free in two weeks. IF it is and SUV there is some big tax write off you can get from the IRS. I forgot what it was called Im hope they have not eliminated it. good luck. You have the choice of claiming either actual expenses or mileage. If you claim actual, you can claim gas expenses, repairs, insurance, interest on a vehicle loan, excise taxes, tolls, registration costs, and take depreciation on the cost of the vehicle. If you claim mileage, you can also take interest, excise taxes, and tolls. The interest and excise taxes would be limited to the business % either way though. |
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