In the case of charitable services, parking fees, and tolls are eligible for deduction in addition to unreimbursed out-of-pocket expenses such as gas and oil. How to calculate your mileage reimbursement? If you’re deducting mileage as a self-employed person, the formula is straightforward: ...
Home Depot offered reimbursement for travel expenses based on a mileage rate; however, the taxpayer did not request reimbursement because he believed he would get a bigger refund if he claimed his automobile expenses on his tax return. Sec. 274(d)(4) sets forth substantiation requirements with ...
Drive Less:The less your vehicle is on the road, the less likely you are to have an accident. Car insurance companies recognize this, and many offer discounts or overall cheaper rates for low-mileage drivers as a result. Some companies also offer policyholders discounts for being a good driv...