Tax write offs do they amount to anything substantial??

trekrok

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Let me slip some math in here on that 65 bucks for 100 miles traveled.
My car needs new tires every 24,000 miles $100 each mount and balance, road hazard included and every 3000 I change oil and filter lets call that $35.

$280 oil changes and $400 in tires. Insurance $300 washing it $50 = $1,030
$0 .65 x 24,000 = $15,600

$15,600 ÷ 12 = $1,300 That was for a month break down.

Even if you had a hefty car payment and expensive tires this looks like a win.

30 MPG 24,000 miles would be 800 gallons of fuel say $3 a gallon $ 2,400 in fuel.
You also would need to factor in replacing the car (depreciation).
 

THAT Gurl

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My 95 Corolla just rolled 368,000 so it's catching up to the 1982 Mustang the wife and I had with
376,000 miles when the car just fell apart.
Ran and drove just fine though. Corolla is not falling apart.

Truck has 230k, Xterra has 240k and the Charger (Grumpy babies it 🙄) 110k ... They may not look like new cars but mechanically they are babied like a trophy wife.
 

trekrok

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Yea my cars go 350,000 miles or more so replacement will be some time way down the road.
Yeah, I definitely think you'd be a candidate for making the numbers work. I just see folks driving a $60k+ truck, getting a mileage check, and they think they're making money on it. Maybe, but it ain't much.

Back on your friend's truck - what kind of rig does he have that gets 45 mpg?
 

pstmstr

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You never win with mileage deductions unless it’s miles you HAD to drive anyway. Then it should be in a reliable used car, not the Denali you told the wife would pay for itself. It’s like credit card airline miles. You feel like a winner when you’re losing and yes I know, all of you pay off the whole balance each month. You probably borrow money to invest too.
 

Lee Beaittie

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2022 federal income tax brackets​

(for taxes due in April 2023)
Single filers
Tax rateTaxable income bracketTax owed
10%$0 to $10,275.10% of taxable income.
12%$10,276 to $41,775.$1,027.50 plus 12% of the amount over $10,275.
22%$41,776 to $89,075.$4,807.50 plus 22% of the amount over $41,775.
24%$89,076 to $170,050.$15,213.50 plus 24% of the amount over $89,075.
32%$170,051 to $215,950.$34,647.50 plus 32% of the amount over $170,050.
35%$215,951 to $539,900.$49,335.50 plus 35% of the amount over $215,950.
37%$539,901 or more.$162,718 plus 37% of the amount over $539,900.
 

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