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The Water Cooler
General Discussion
Tax write offs do they amount to anything substantial??
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<blockquote data-quote="TinkerTanker" data-source="post: 3955803" data-attributes="member: 50228"><p>Companies will often reimburse you on your paycheck, which is shown as taxable income on your W2, meaning you don't have to claim it as additional income. You need to keep an eye on how it's reimbursed. </p><p></p><p>Also, there's a loophole. For instance, if your wife works for a company that issues you a mileage reimbursement, and you have a side gig driving uber, you can get a reimbursal from the company for mileage THEN deduct the mileage from your taxable income. It's tough to say where those miles came from so proving they were the same miles out of all the non-business miles you're going to drive is impossible. You just need to make sure you're tracking your mileage for every drive. </p><p>MileIQ is a really good phone app for that. There are others, but that's my favorite.</p></blockquote><p></p>
[QUOTE="TinkerTanker, post: 3955803, member: 50228"] Companies will often reimburse you on your paycheck, which is shown as taxable income on your W2, meaning you don't have to claim it as additional income. You need to keep an eye on how it's reimbursed. Also, there's a loophole. For instance, if your wife works for a company that issues you a mileage reimbursement, and you have a side gig driving uber, you can get a reimbursal from the company for mileage THEN deduct the mileage from your taxable income. It's tough to say where those miles came from so proving they were the same miles out of all the non-business miles you're going to drive is impossible. You just need to make sure you're tracking your mileage for every drive. MileIQ is a really good phone app for that. There are others, but that's my favorite. [/QUOTE]
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Tax write offs do they amount to anything substantial??
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