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Old 09-10-2010, 11:31 PM   #1
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Default Gas or miles?

I have always saved my gas reciepts and written them off. I know that some people prefer to write off the miles.

Which do you prefer, and why?
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Old 09-10-2010, 11:41 PM   #2
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Used to do miles and preferred it because it was simpler and with an older, basic work truck that had lost most of its value already, figured I cam out ahead. Now, having converted to an LLC filing as an S-Corp, actual costs is the only option I have.
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Old 09-10-2010, 11:43 PM   #3
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My truck is paid for so miles. If you use an accountant, at the end of the year they will figure out the best option.
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Old 09-11-2010, 12:19 AM   #4
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I switched to actual, write off gas, tires, registration, maintenance, car wash, etc.
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Old 09-11-2010, 12:38 AM   #5
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Quote:
Originally Posted by One Coat Coverage View Post
I have always saved my gas reciepts and written them off. I know that some people prefer to write off the miles.

Which do you prefer, and why?
In Canada, all vehicle expenses can be claimed as a deduction from taxable income. The amount that can be claimed is directly proportional to the miles the vehicle is driven for business.

Example; interest on loan payments, gas & oil, R&M, new tires, etc = $10K for the year. Vehicle driven a total of 100K, 90K for business = 90%. $9K can be claimed as a deduction from taxable income.

Of course you need all your receipts and a detailed mileage log to back up the claim. No big deal.
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Old 09-11-2010, 01:57 AM   #6
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Those receipt give me gas.

I believe, If you have a corp, and the corp owns the vehicle, then you have too go by your recipes which is how I do it. The miles is if your leasing a personal to a entity or you are a SP.

Last edited by ewingpainting.net; 09-11-2010 at 02:02 AM..
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