Category Archives: Auto Expenses

2016 Mileage

TaxMama® and Ken Jeffries interview: LISTEN TO PODCAST: Ken: It’s TaxQuips Time from TaxMama.com . Today TaxMama covers deductible mileage. What kinds of mileage are deductible by individuals and businesses? TaxMama: Actually, there are four ways to take advantage of vehicle-related deductions: Medical mileage Moving Mileage Job or business mileage Charitable mileage Ken: What are […]

After-Market Parts

Today TaxMama® hears from George in the TaxQuips Forum, with this question. “I just bought a new truck to use for business use and I have a few questions: 1. I want to add a few after-market parts – running boards, heated seats, and heated steering wheel. Will I be able to deduct the cost […]

Prepaying Lease Costs

Today TaxMama® hears from JJ in the TaxQuips Forum, with an unusual situation. “I leased a car this fall. I paid for the entire sum up front, in a single payment. What is the correct deduction for federal taxes?”

Mileage Method

Today TaxMama® hears from Walter in the TaxQuips Forum with a most astute question. “Is there a limit to how many miles of standard mileage auto/truck expense a self-employed taxpayer can take on their Schedule C for a given year? The portion of the business standard mileage rate treated as depreciation is on average about […]

Comic Relief

  Today TaxMama hears from K Syl in the TaxQuips Forum, who has a fun idea.  “I have an Internet marketing business – a blog on comic books. The blog will have links for ordering comics to generate income on the blog and Pay Per Click ads. Large portions of the site will be devoted […]

IRS Increases 2011 Mileage Rates

 Courtesy of IRS http://www.irs.gov/pub/irs-drop/a-11-40.pdf The following standard mileage rates will apply: January 1 – June 30:  51 cents per mile for business miles driven July 1 – December 31:  55.5 cents per mile for business miles driven January 1 – June 30: 19 cents per mile driven for medical or moving purposes  July 1 – December […]

Bonus Depreciation

   Today TaxMama hears from Scott in the TaxQuips Forum with this question.  “How long would you have to keep a business vehicle to take advantage of bonus depreciation deductions? What if I sold a new business use vehicle after three years, are there penalties?

Coaching Expenses

Today TaxMama hears from Mimi in the TaxQuips Forum who tells us. “My husband coaches my son’s Little League and travel basketball team.  Occasionally, he buys equipment for the team’s use and hosts an after-season party, complete with pizza, cake and beverage.  Some of these expenses are not reimbursed by the league.  Are these deductible?  How about […]