Business Expenses: Hybrid Vehicle?

[memphis]

Web wheeler
Joined
Jun 6, 2020
Member Number
1867
Messages
753
Just had 240v installed outside for welding etc. I can charge a hybrid or battery powered car but I travel for work and I am reimbursed mileage and claim my fuel costs on my taxes. Unless it’s on a separate meter I guess it’s not possible to measure... At least accurately? Anyone claiming work expenses and if so... what’s the magic formula?
 
Goggle-fu says try this.... "convert mpg to kwh/mile for tax purposes"
 
[memphis said:
;n140162]I am reimbursed mileage and claim my fuel costs on my taxes.
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UMMMM..... I am pretty sure if you get caught you are going to pay , plus penalties and interest.


(not that I care, but you might as well know)


If I am wrong I apologize, but the mileage rate accounts for fuel, and would like to see how this double dipping is acceptable.
 
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most electric vehicles tell you how much power it has consumed during its life. So you could keep track of that and deduct it from your power bill annually.
 
grumpy356 said:
UMMMM..... I am pretty sure if you get caught you are going to pay , plus penalties and interest.


(not that I care, but you might as well know)
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I am taxed on my reimbursement so I can claim it.
Canada is $0.63/KM if it’s not taxed
I receive $0.21/KM for work (Taxed so it’s income) so I can claim,
 
[memphis said:
;n140182]

I am taxed on my reimbursement so I can claim it.
Canada is $0.63/KM if it’s not taxed
I receive $0.21/KM for work (Taxed so it’s income) so I can claim,
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Canada?

Fuck Canada.
 
grumpy356 said:
Canada?

Fuck Canada.
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I might be mistaken but I believe it’s the same in the USA? Maybe not the reimbursement rate. But if you are taxed on any reimbursement it is seen as income. Therefore you can claim business use?
 
[memphis said:
;n140197]

I might be mistaken but I believe it’s the same in the USA? Maybe not the reimbursement rate. But if you are taxed on any reimbursement it is seen as income. Therefore you can claim business use?
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absolutely, he's just jealous he doesnt get taxed at 66%
 
samy crawler said:
absolutely, he's just jealous he doesnt get taxed at 66%
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OK, I am a little Jealous on the 66% tax, you got me there, but a reimbursement is not income in the USA. IF you were getting reimbursed OVER the government rate,it would be income, but that wasn't in the scenario laid out.
 
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