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
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