Don't overlook these!
| Reason Vehicle Used | Cents Per Mile |
|---|---|
| Business | 55.5 cpm |
| Medical | 23 cpm |
| Moving | 23 cpm |
| Charity | 14 cpm |
Question: "If I'm self-employed and drive between my home and my place of business, can I deduct the mileage?"
Question: If I'm an employee and drive between my home and my employer's place of business, can I deduct the mileage?
I'll cover both situations.
Is commuting mileage deductible?
No.
What is Commuting Mileage?
Travel between your home and your place of business is commuting mileage. This is true whether you're an employee or self-employed.
Why Commuting Mileage is not Deductible
Commuting mileage in not deductible because it is considered a personal expense and not a business expense. But, there is a loophole for self-employed persons who travel between their home and their place of business which will turn commuting mileage into a tax deductible business expense.
NOTE: This loophole does not apply to employees who travel between their home and their employer's place of business.
To deduct transportation from your home to your place of business and back home, you must satisfy BOTH of the following:
Here's the loophole that lets a self-employed person deduct mileage from home to another business location and back home:
Any miles driven between TWO or more BUSINESS locations are deductible business miles. The key is understanding just what the IRS considers a "business" location. Read on...
Two business locations may include:
TIP: If you don't currently have a home office in your house or apartment, simply set one up (a desk, chair, and file cabinet, and telephone). If you have a house, use a separate room. If you rent an apartment, designate area in your bedroom or living room to be use regularly and exclusively for business-related purposes; no computer games or other nonbusiness activities. Upon learning of any personal use in the space, the IRS may disallow your dedution.
CAUTION!
Let's say you get up in the morning and dash out of the house to go to your place of business. And suppose you left your house without first stopping off in your home office to do some work such as checking your emails or filing some papers or whatever.
Guess what?
Technically, your mileage would be nondeductible commuting mileage because you didn't travel between TWO business locations; you never stepped foot into your home office before leaving the house.
Now obviously no IRS agent will know whether or not you stopped off in your home office. But this is a technicality that you should be aware of. Remember the rule: You must travel between two or more business locations. Your home office is a business location. The other rooms in your house are not.
In addition, you must comply with the regular and exclusive rule too.
There are two ways for your home to considered your principle place of business:
You may deduct other costs besides just the mileage allowance.
They include:
If you have one job:
Transportation costs from your home to your main place of business and back home are nondeductible commuting costs; they are considered a personal (as opposed to business) expense.
If you have two or more jobs:
If you have two or more jobs, although the cost of transportation from your home to your main job is not deductible, the costs of transportation between each job is deductible.
Going from your home to a second job:
If you have the day off from your regular, or main job, and travel to a second job and back home, the cost of transportation is not deductible.
In addition to the business mileage allowance, you can deduct:
Self-Employed
Only self-employed persons may deduct interest on a car loan when the vehicle is used for business purposes.
The following persons are considered self-employed:
When an election is made to treat an LLC as either a C-corporation or S corporation, the owners are treated as employees of the corporation and not as self-employed persons.
The C or S corporation files Form 1120 or 1120S, respectively. Shareholder/employees receive Form W-2 to report their compensation and withholding taxes.
Employees:
An employee may NOT deduct interest on a car loan regardless of the amount of mileage an employee travels in his or her vehicle on behalf of an employer.
Copyright © 2008-2012 Larry Villano. All rights reserved.