# Working on the taxes



## since05/16 (Jan 7, 2017)

Did i miss anything?

70%phone bill and cost of it
booster seat
floor mats 
Mileage 
Commercial insurance 
Snacks

I think it looks about right. What do you think?


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## entrep1776 (Nov 3, 2016)

since05/16 said:


> Did i miss anything?
> 
> 70%phone bill and cost of it
> booster seat
> ...


Why 70% of phone bill?

Can you do insurance and mileage?


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## since05/16 (Jan 7, 2017)

I use it 70% for uber in 2016.

Insurance I added commercial to my regular policy so hope to deduct that as an extra expense


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## LAuberX (Jun 3, 2014)

Commercial insurance is included in the standard mileage deduction

Business use of a vehicle assumes you have business insurance.

just like it is for Taxi/Limo...


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## since05/16 (Jan 7, 2017)

Oh okay thanks.


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## mls55 (May 27, 2015)

Interest on car loan and personal property taxes if you have them.


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## since05/16 (Jan 7, 2017)

Car loan interests yes thanks for the information.


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## entrep1776 (Nov 3, 2016)

since05/16 said:


> Car loan interests yes thanks for the information.


mmm if you are doing standard mileage deduction don't think you can do interest, tires, oil changes, fuel costs.


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## Older Chauffeur (Oct 16, 2014)

entrep1776 said:


> mmm if you are doing standard mileage deduction don't think you can do interest, tires, oil changes, fuel costs.


From IRS Pub463-

"However, if you are self-employed and use your car in your business, you can deduct that part of the interest expense that represents your business use of the car. For example, if you use your car 60% for business, you can deduct 60% of the interest on Schedule C (Form 1040). You can't deduct the part of the interest expense that represents your personal use of the car."

So based on your mileage log, you can determine the percentage of business use, and include the equivalent amount of interest. 
The same publication lists insurance as included in the SRM for business use.


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## entrep1776 (Nov 3, 2016)

Older Chauffeur said:


> From IRS Pub463-
> 
> "However, if you are self-employed and use your car in your business, you can deduct that part of the interest expense that represents your business use of the car. For example, if you use your car 60% for business, you can deduct 60% of the interest on Schedule C (Form 1040). You can't deduct the part of the interest expense that represents your personal use of the car."
> 
> ...


*Standard Mileage Rate*

You may be able to use the standard mileage rate to figure the deductible costs of operating your car for business purposes. For 2016, the standard mileage rate for the cost of operating your car for business use is 54 cents per mile.









If you use the standard mileage rate for a year, you can't deduct your actual car expenses for that year. You can't deduct depreciation, lease payments, maintenance and repairs, gasoline (including gasoline taxes), oil, insurance, or vehicle registration fees. See Choosing the standard mileage rate and Standard mileage rate not allowed, later.

https://www.irs.gov/publications/p463/ch04.html


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## since05/16 (Jan 7, 2017)

Thanks guys. I can get 75% of the loan interests then.
Also I bought 2 sets of business cards with my code on.
I will include that too.


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## Older Chauffeur (Oct 16, 2014)

entrep1776 said:


> *Standard Mileage Rate*
> 
> You may be able to use the standard mileage rate to figure the deductible costs of operating your car for business purposes. For 2016, the standard mileage rate for the cost of operating your car for business use is 54 cents per mile.
> 
> ...


Sorry, I didn't include the part that showed it was talking about the interest deduction being in addition to the SRM. But the instructions are clear indicating that you can deduct it, whether you use actual costs or the SRM.


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