| Author |
Message |
William R. Graf (Billfrombrazil) (206.158.10.224)
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, September 26, 2002 - 1:03 am: | |
Hey you working full-timers.
Do any of you claim expenses for your bus in conjunction with your work? If so, what figure do you use and where did you come up with it? I know that the IRS has a figure for mileage allowance that they get from somewhere for a car, they even have one for use in a foreign country. My allowance for driving in Brazil was higher per kilometer than per mile in the U.S.A. I haven't found anything about using a bus as a work vehicle though. We plan to be on the road weekly in our work as representatives of our mission in colleges, churches and camps.
Thanks
Bill from Brazil |
FAST FRED (63.208.84.146)
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, September 26, 2002 - 5:40 am: | |
The IRS will give a milage deduction if you are going from a Primary place of employment to your Secondary. ( From fist job to second).
Only deduction of intetest on the mortgage gets by with out comment.
FAST FRED |
Jim Ashworth (Jimnh) (172.175.108.75)
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, September 26, 2002 - 5:58 pm: | |
Although I'm not an accountant, the best bet, since it is a business use, is to track all of the expenses and save the receipts. A standard deduction is easier, but this way you will have proof of expenses if the auditor should come knocking. You may want to depreciate the vehicle as well since they do lose value over the years and IRS doesn't usually check to see if the vehicle was sold at a profit or a loss if sold after the business use stops. When dealing with the IRS, "paper your files". It's nice to be right and be able to prove it.
Jim |
Chuck Harris PD4104 (207.172.11.147)
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, September 26, 2002 - 8:00 pm: | |
IIRC, the standard deduction is limited to passenger cars, not used for hire, and light weight trucks under 10,000 GVW. I'm pretty sure that your bus does not qualify.
-Chuck |
Ross Carlisle (Ross) (216.107.195.41)
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, September 26, 2002 - 11:03 pm: | |
If the bus is used strictly for business, then repairs, fuel, maintanence, insurance, etc. would be deductible. The bus itself would be depreciated over time. The same would apply to any vehicle used for business including trucks, cars, airplanes, heavy equipment, etc.
If the vehicle is used only partially for business, then the portion used for business would be deductible. If it is used for business 60% of the time, then 60% of the operating expenses and depreciation are deductible.
Ross |
William R. Graf (Billfrombrazil) (206.158.10.224)
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, September 27, 2002 - 1:26 am: | |
Thanks for the replies. I have been saving all receipts and will continue to. I figured that it would probably have to be on an actual expense basis but just wondered if there was any mileage figure established. Oh well, can't win them all, just would like to do a little genuine paperwork reduction!
Bill |
Jim Ashworth (Jimnh) (172.129.82.206)
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, September 27, 2002 - 7:47 am: | |
For comparison purposes only, FMCA has a mileage reimbursement for its board of directors for attending events and meetings using their motorhomes to get there. I believe it is about $.60 per mile. Averaging 60 mph, this would be $36.00 per hour. Seems reasonable for the overall cost of operating a motorhome, including insurance, tires, rebuilds, etc.
Jim |
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