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Elimination of mileage deductions
With the elimination of work related expenses including mileage in the recent tax overhaul, I am wondering if there will be any pressure (legally or otherwise) for those employers who offer no and very little mileage reimbursement. It may not matter much to those who get a generous reimbursement from their work now, but I know many don't and rely on the deduction.
Unreimbursed employee expenses could hurt taxpayers
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Re: Elimination of mileage deductions
If employees are not being reimbursed for their mileage then they need to be hired as a contractor. A self employed contractor can deduct expenses.
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Re: Elimination of mileage deductions
When I filed my taxes this year, I could not claim the differance between what my employer paid me for mileage and what the government pays. Seems me, being the average working class joe, is getting screwed by the tax simplification.
Last edited by anothertech; 03-10-2019 at 03:52 AM.
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Re: Elimination of mileage deductions
Just got my taxes back and had a huge deduction for mileage, 24,400 business miles at like 54.5 cent per mile! I haven't worked for a company for a long time but I don't think I would want the employer mileage reimbursement and instead take the IRS of 54.5 cent per mile on tax return! Don't think that includes gas so employer would still pay gas, tolls & parking.
Where you really make out is if you have a car paid for and you can bang out 54.5 cent per mile at tax time, you will make out like a bandit! Just to put things in perspective, 10,000 x54.5 per mile = $5450 right off the top!
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