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MrsBumbleb
it's me
Member since 5/05 11234 total posts
Name:
Christine
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IRS mileage increase, is it legal for my company NOT to give it to us?
I wouldn't be at all surprised if they didn't.
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Posted 6/26/08 3:28 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: IRS mileage increase, is it legal for my company NOT to give it to us?
I don't think it is illegal...my mom was just talking about this last night. My dad asked his company about it...and they aren't getting any extra back.
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| Posted 6/26/08 3:50 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: IRS mileage increase, is it legal for my company NOT to give it to us?
I think this is for people that are 1099- and deduct mileage from their taxes
I know when we do ours- they ask us how many miles DH drives for work- and then it's a certain amount per mile
I didn't think was what your company pays you per mile- my DH doesn't expense anything during the year- he just writes everything off
if I drove up to my company's upstate office- I would get paid a certain amoutn per mile- it's not set by the government- it's set by the company
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| Posted 6/26/08 3:54 PM |
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JRG71
*****************
Member since 5/05 5025 total posts
Name:
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Re: IRS mileage increase, is it legal for my company NOT to give it to us?
I don't know the legality, but we got a company wide email saying that the milegae increase had gone up due to rising gas prices.
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| Posted 6/26/08 3:56 PM |
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Christine
2nd verse same as the 1st
Member since 5/05 15287 total posts
Name:
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Re: IRS mileage increase, is it legal for my company NOT to give it to us?
I suppose it would be based on company policy. My company goes by what ever the IRS uses. Maybe if they give you a hard time, print out the release about the IRS increase.
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| Posted 6/26/08 3:58 PM |
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NinaLemon
It's a boy!!!
Member since 10/07 6453 total posts
Name:
Jeannine
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Re: IRS mileage increase, is it legal for my company NOT to give it to us?
It isn't illegal, my company does not go by the federal rate either. You can deduct the difference between what your company reimburses you and the fed rate on your taxes.
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| Posted 6/26/08 4:05 PM |
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Katie111806
Team Pink!
Member since 12/06 5349 total posts
Name:
Katie
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Re: IRS mileage increase, is it legal for my company NOT to give it to us?
Some companies go by the federal standard, but most don't...especially now. It's not illegal for them to not give you the federal rate.
Message edited 6/26/2008 4:07:08 PM.
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| Posted 6/26/08 4:06 PM |
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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Re: IRS mileage increase, is it legal for my company NOT to give it to us?
Posted by NinaLemon
It isn't illegal, my company does not go by the federal rate either. You can deduct the difference between what your company reimburses you and the fed rate on your taxes.
It's fact based. I agree with the above.
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| Posted 6/26/08 4:10 PM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: IRS mileage increase, is it legal for my company NOT to give it to us?
Posted by NinaLemon
It isn't illegal, my company does not go by the federal rate either. You can deduct the difference between what your company reimburses you and the fed rate on your taxes.
Yup--i was just about to say this. the federal rates doesn't mean companies have to give you that rate.
If you get .39 a mile---and the IRS rate is .49 a mile--then you would be claiming the additional .10 difference when calculating your taxes -- and make sure you deduct the amount you received from your employer
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| Posted 6/26/08 4:12 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: IRS mileage increase, is it legal for my company NOT to give it to us?
Posted by MrsBumbleb
I wouldn't be at all surprised if they didn't.
They don't have to give it to you if they don't want to.
The whole point of the IRS deduction is for a taxpayer to deduct this if the employer DOESN'T provide this reinbursement.
You can't double-dip. If your employer already gives you this money, you can't take it off your taxes.
Also the miledge deduction is for qualified business travel. It does NOT include travel to the business's "home base". In other words, you can't deduct your daily commute to your job just because you are driving. You can only deduct driving to other sites because of your job (like if you have to go to client sites).
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| Posted 6/26/08 4:16 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: IRS mileage increase, is it legal for my company NOT to give it to us?
Our allowance is .505/mile.
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| Posted 6/26/08 4:52 PM |
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Lillykat
going along for the ride...
Member since 5/05 16253 total posts
Name:
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Re: IRS mileage increase, is it legal for my company NOT to give it to us?
Nope they don't have to give it to you at all - my husband only gets .25 cents a mile.
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| Posted 6/26/08 7:03 PM |
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lbelle821
Arghhhhh
Member since 2/06 5285 total posts
Name:
Lisa
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Re: IRS mileage increase, is it legal for my company NOT to give it to us?
Posted by nrthshgrl
Posted by NinaLemon
It isn't illegal, my company does not go by the federal rate either. You can deduct the difference between what your company reimburses you and the fed rate on your taxes.
It's fact based. I agree with the above.
CPA here. Agree with this as well. There is a section on your itemized deductions for unreimbursed business expenses where you deduct the difference.
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| Posted 6/26/08 9:02 PM |
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MrsS2005
Mom of 3
Member since 11/05 13118 total posts
Name:
B
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Re: IRS mileage increase, is it legal for my company NOT to give it to us?
Posted by Beth1210
I think this is for people that are 1099- and deduct mileage from their taxes
I know when we do ours- they ask us how many miles DH drives for work- and then it's a certain amount per mile
I didn't think was what your company pays you per mile- my DH doesn't expense anything during the year- he just writes everything off
if I drove up to my company's upstate office- I would get paid a certain amoutn per mile- it's not set by the government- it's set by the company
Companies also use this as a benchmark for reimbursing employees for travel. I travel all over the state to meet with clients. My firm reimburses me for travel (based on the IRS rate). Companies don't have to increase their reimbursement rate, but the ones that use the IRS rate as guidance will probably increase it.
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| Posted 6/27/08 12:18 PM |
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