Where do I take my mileage deductions, personal return or business return?
I'm a courier and have a business name, where can I deduct mileage, in my personal return or the business? Thanks Thanks TRO, thats what I wanted to hear. We get 55 cents a mile round trip, and get paid $1.00 a mile, seems strange to me because the deduction becomes greater than the revenue! Now, I'm looking for some sort of tax preparation software that supports the business? Btw, I tried to give you a thumbs up, but I cant. Max, I get paid a dollar a mile for the trip, and it's only one way! I'm under the impression that my deduction would be based on the return too! $100.00 job would be 200 miles at 55 cents, what am I missing? To me it looks like I take a loss on every job, in this case it would be 10 dollars. I also found TurboTax Home & Business Fed + Efile + State 2011. I am a company that has it's own accounts, and has accounts that are independent contractors. Thats why I need to use the business to account for mileage. Another Words, I invoice for most jobs, but I also have IC work, like UPS SCS that gives me a 1099.
Asked By: Spam - 10/13/2012
Best Answer - Chosen by Asker
Regardless if you do contract work for a company that gives you a 1099 or if you find your own work that is not under a contract, as long as you are not working as an employee (as long as you do not receive a W-2), then all income and expenses from your courier business will be lumped together onto one Schedule C. If... More
Answered By: TaxMan - 10/13/2012
Additional Answers (5)
Self employed, schedule C. Employee, schedule A.
Answered By: Cathi K - 10/13/2012
if you use a vehicle for your business it would be on your business return, assuming this is sole proprietor, Sch C
Answered By: tro - 10/13/2012
If you are a sole proprietor it's all on your personal return, using scheudles C and SE most likely.
Answered By: the kid - 10/13/2012
Schedule C since you are not an employee. If you get paid $1 per mile, that is your sales price that you mark up from the 55 cent wholesale price so you get paid 45 cents a mile for driving and 55 cents a mile for costs of running the service.
Answered By: Max Hoopla - 10/13/2012
Assuming you're working as an independent contractor, and the courier business income is filed on schedule C, any mileage would go there also. Assuming you are driving your own vehicle and have kept the required mileage logs, you show the business mileage on schedule C. You deduct any reimbursement though, from your... More
Answered By: Judy - 10/13/2012
Local Jobs Are Paying $19-$96/Hour-Get Hired Today. Apply Now!
(87) Local Jobs Paying $17-$95/Hour- Available Now. Apply Online.
Over 483 Local Jobs Now Hiring In Your Area. $18-$87/Hr - Apply Today!
Work At Home Jobs Make $87/HR, Jobs Seen On TV. Jobs Hiring Now
Other Career Questions
Do most mechanical engineering jobs offer job security?
What is your current job? Why did you choose this job? What do you enjoy about your job? What do you dislike about your job? What would be your perfect job? Would you rather have this j...
Where are the jobs? Is productivity and globalization creating a permanent “recession” of jobs? My main issue is I am doing a paper for school and have no idea where to begin. I was hoping suggestions...
Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo!
Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.
Best-Paying Work-from-Home Jobs
It’s easier than ever to work from home. Of course, not every job is a mobile job, and some companies aren’t interested in having their employees work from home.
2013 Marketing Jobs Outlook
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
2013 Engineering Jobs Outlook
Engineers will find job opportunities in select disciplines in 2013, with candidates who are all-around, client-oriented businesspeople in demand.
Best-Paying Jobs by Major
What could you earn with a particular four-year degree? Find out by checking out this list of the top-paying jobs for 20 of the most common majors.
Eight High-Paying, Secure Jobs
Want to earn a good salary and enjoy a measure of job security as well? Check out these well-paying jobs on tap for fast growth in the coming years.