Is it ridiculous that people get to take mileage expenses on their vehicle when used in certain circumstances but bicycle riders cannot? Or does that deduction include bicycles?
I say Annual Tax Forms because they are now much more than Income Tax Forms.
Just sent mine in. What is the cost per mile on a bicycle compared to a car? You donāt deduct your time or even the full cost for charitable driving, but it amounts more to the operating costs such as gas. Not what you are referring to as tax forms. The only reason for doing a schedule A, C, K, etc. is to determine what income is to be taxed and what that tax should be.
I think it should also cover shoes for people who walk on the jobā¦
;-]
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Not ridiculous and vehicle deductions are for actual operating costs while on the job.
I think you could make an argument for bicycle operating expenses being deductible when used for income producing purposes. The problem is that most of the people who use that deduction (and those who contribute to politicians to make sure it stays in place) donāt ride bicycles as part of their work.
If you use a bicycle for work, you can probably expense everything, assuming you work for yourself. I imagine you could even expense the bicycle since it isnāt likely to cost as much as most cars, especially ones used in commerce.
If the bike is used FOR work transportation (e.g. city courier) you can deduct maintenance expenses just like a car. Itās done under ājob related expensesā on schedule A. They just eliminated the commuter benefit that allowed pre-tax deduction if your employer had benefit to reimburse you for it.
Like I said I just did mine. I was all done ready to file, then came up with another $90 in deductions so went back over everything again to save $29. Iām not sure it was worth it. So with a bike, you can depreciate it I suppose for a few dollars a year, and the can of chain lube, and maybe a repair or two, then subtract the personal miles from the business miles, and then ask yourself if it was worth it or not. Of course provided your Schedule A is more than the standard deduction. For me though I donāt believe there is a non-vehicle deduction for charitable transportation. But again even in a car it was only a few dollars. Now if you donate the bike to the Salvation Army, that would net a little more.
I recall in the distant past being able to deduct up to $400 for laundering uniforms and replacing required (steel toe) foot ware.
Yeah I donāt know if it was $400 but the accountant gave me the figure for laundry and starch for my Army Reserve uniforms. I have to admit though that I never paid the wife for them.
If you operate a bicycle for work the cost of that work tool is fully deductible, rather than deductible at a per mileage rate, which is how vehicles used in the process of performing working are. So, in essence, the deductible is more valuable. You do realize that commuting in an automobile or personal use is excluded from any sort of vehicle tax deduction, right?
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The few deductions I saw were for travel for medical reasons and travel for charitable reasons.
It seems to encourage driving when other modes of transportation are available. Maybe, it should be a credit for miles travelled in those situations no matter how you travel the miles.
Or, just get rid of the deductions and credits all together so people do not have to read it while filling out their complicated tax forms.
The tax forms include credits.
Illinois includes a āUse Taxā for purchases on items not bought in Illinois but used in Illinois where sales tax was not collected by the seller.
You can deduct mileage when your car is used for work-related or some other very specific purposes. That is meant to offset the maintenance, repair, and fuel costs associated with using your car. Furthermore, it is meant to offset the taxes already paid in the form of car licensing fees, fuel taxes, and tolls. Bicycles have very few of these expenses, so thereās not much to offset or deduct.
If you find it important to deduct your bike repair costs, do so as a non-reimbursed work expense. For example, I would not wear steel-toed safety shoes outside of my work, so I deduct the cost of those when doing my taxes.
But if youāre looking to deduct something because you chose to bike to work instead of drive, no luck there.