Quote:
Originally Posted by Legionnaire70
Haha, I know... But when you drive 800 miles a week for work and your kids every penny adds up.. I'm dropping a $175 bones a week....
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Pending you're not reimbursed for those miles, maybe because you're self-employed or simply your employer won't reimburse, you get a tax deduction at $.555/mile. Driving 800 miles per week would equate to a $444 deduction.
So, if you're in a 25% tax bracket (hypothetically speaking), you'd be incurring a $111 tax break.
Now, that $175 bones is more realistically $64 bones in this case. Obviously, if you're in a higher tax bracket you'll get a bigger break and vice versa being in a lower tax bracket.
Just figured I'd shed some positives... As always, everyone's situation can be different and I cannot be relied upon for the above information. However, generally speaking those rules apply to most individuals.
