Tax write offs do they amount to anything substantial??

[Lee Beaittie]

Married, filing jointly

Tax rate	Taxable income bracket	Taxes owed
10%	$0 to $20,550.	10% of taxable income.
12%	$20,551 to $83,550.	$2,055 plus 12% of the amount over $20,550.
22%	$83,551 to $178,150.	$9,615 plus 22% of the amount over $83,550.
24%	$178,151 to $340,100.	$30,427 plus 24% of the amount over $178,150.
32%	$340,101 to $431,900.	$69,295 plus 32% of the amount over $340,100.
35%	$431,901 to $647,850.	$98,671 plus 35% of the amount over $431,900.
37%	$647,851 or more.	$174,253.50 plus 37% of the amount over $647,850.

 

[trekrok]

Not a truck it is a Honda Accord a new one. Gas and electric on top of that.

Ok, made the assumption with hauling 4 tires.. lol.

 

[Lee Beaittie]

Ive got a nephew thats a CPA, id have to ask him about the specifics

 

[O4L]

It might be better to deduct actual expenses.

 

[TinkerTanker]

Generally you go "mileage" on an older vehicle, and "actual" on newer vehicles that you won't drive much.

When you're writing off actual, you can write off the payments, interest, depreciation, repairs, fuel, etc.

With mileage it's about 60 some-odd cents a mile, but you also get to deduct the interest on any payments you make. You never, as a business owner (driver), take the standard deduction either. Ever.

 

[SlugSlinger]

OK, however if I read that right, thats for tax yr 2023, which would be next yr

That is correct.

 

[SlugSlinger]

Our field contractors get reimbursed for mileage and a per diem, Both are paid and are not taxable.

 

[jacouls]

My wife works part-time for a grocery delivery company making around 6k a year and because we get to deduct mileage we don’t have to pay a dime in taxes.

 

[TinkerTanker]

My wife works part-time for a grocery delivery company making around 6k a year and because we get to deduct mileage we don’t have to pay a dime in taxes.

Make sure she's deducting her phone and "home office" as well as all the other small business deductions. It really ads up.

 

[mr ed]

remember if your deducting mileage, it the company re-reimburses you that's income you got to show.