Posted by SignerCA on 1/31/06 1:08pm
Msg #92641

Turbo tax question re: gas and receipts

I did a search and didn't find this exact question. For those of you using Turbo Tax. Can or do you write of gasoline? if so, under what catagory of business expenses do you claim it and how do you formulate how much was used for work only. I have kept all my gas receipts but now what. Thanks in advance.

Reply by Kelly M Robertson on 1/31/06 1:13pm
Msg #92644

I'm not a tax expert but

I just log my Total MILES for signings and my signing biz for the year and that's what I give to my tax guy. I save my gas receipts, but that's just because I save receipts.

Reply by CalimnCA on 1/31/06 1:17pm
Msg #92646

Do you take a mileage deduction? If you do I do not think you can take a gas deduction, if you don't then you would list it in vehicle expense there should be a question that ask if you have business related vehicle expense. I would think you would divided the amount of miles driven for business by mpg, less personal travel. I am curious to other answers on this. Good luck on the taxes.

Reply by SignerCA on 1/31/06 1:20pm
Msg #92647

Thanks, I do plan to claim mileage so...

that was another question. Is it mileage OR gas?

Reply by eXpedN_TX on 1/31/06 1:23pm
Msg #92649

I use mileage as well, but don't use Turbo Tax. I prefer Taxcut. When I go on a signing, I write down my current mileage. (As well as borrowers last name, date, etc.) After completing the signing and delivering the docs to the Fed Ex or wherever, I then I write down the mileage upon completion. I know exactly how many miles I drive for my notary business at the end of the year.

In Taxcut I can do a search, like this site, on gas and such. I would think maybe Turbo Tax has the same option?!?!? Does anything pop up if you type in gas or maybe mileage?

Let us know what you find out. Thanks.

Reply by SignerCA on 1/31/06 1:31pm
Msg #92653

I do the same to collect my mileage...

Turbo tax does have a place to put mileage so I am ok in that area. However, I am not sure where, under expenses, to put my gas. Also, IF I can/should claim both. Also, for those in Turbo Tax who do claim gas how do they figure out how much to claim.

Reply by eXpedN_TX on 1/31/06 1:43pm
Msg #92659

Re: I do the same to collect my mileage...

Good question. It is my understanding that when you take a mileage deduction, you do not deduct the gas as well. The numbers are calculated with the mileage. I think if you deduct mileage and gas, you may be deducting the same thing twice!??! Maybe someone more knowledgeable about this will clarify it for the rest of us. Personally, I only deduct mileage. I thought that the mileage rate makes up for the gas?!?!?

http://www.irs.gov/newsroom/article/0,,id=131232,00.html

Reply by eXpedN_TX on 1/31/06 2:01pm
Msg #92671

Re: http://www.irs.gov/taxtopics/tc510.html n/m

Reply by Roger Rill on 1/31/06 1:59pm
Msg #92669

The mileage deduction includes, gas, oil, maintenance, etc. You can also deduct actual costs of these if it works out better for you, but you cannot do both; you have to use either mileage or actual costs.

Reply by SignerCA on 1/31/06 2:13pm
Msg #92675

Ahhh ... ok, I think I'm leading towards mileage

Reply by Shane_OH on 1/31/06 2:16pm
Msg #92677

Yup, you can either take the mileage, or the gas/maintainence of your vehicle...

Although, I'm not sure that you can change which one you do....I believe (and i'm not a tax advisor of any sort), that if you start taking mileage, you have to always take mileage? I don't think you can flip flop between the two in any given year.