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The Water Cooler
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Tax write offs do they amount to anything substantial??
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<blockquote data-quote="swampratt" data-source="post: 3953431" data-attributes="member: 15054"><p>Talking about the Mileage on your vehicle and taxes paid on houses for instance.</p><p></p><p>I do know of one comparison.</p><p>Friend of mine had a huge expensive house living there single and claimed over 10,500 in interest alone on his taxes.</p><p>The next year after he sold it he was living in a small not expensive house and paid less than 2,000 in interest.</p><p></p><p></p><p>It made less 200 dollars difference on his taxes.</p><p></p><p>He came to the same conclusion I did many years earlier ..PAY OFF THE HOUSE.</p><p></p><p>Now onto the car mileage deduction $0.62 a mile deduction..Is that for real 62 cents a mile?</p><p></p><p>So if you drove a car just for business like deliveries and went 40K miles a year.</p><p>$24,800 you can write off?</p><p></p><p>Will it end up like the above and only result in pennies difference?</p><p></p><p>More math buddy drove 140 miles round trip and company paid him $35 bucks.</p><p></p><p> $86.80 can be wrote off for the mileage at .62 a mile.. Really.</p><p></p><p>With that math it looks like you can make 56 bucks off the government at the end of the year for that single trip.</p><p></p><p>Yea you get taxed on about 33% of what you make so cut that into thirds. you still make 60 bucks.</p><p></p><p>Is my math flawed?</p><p>Help me out tax guys because is seems like a decent gig.</p></blockquote><p></p>
[QUOTE="swampratt, post: 3953431, member: 15054"] Talking about the Mileage on your vehicle and taxes paid on houses for instance. I do know of one comparison. Friend of mine had a huge expensive house living there single and claimed over 10,500 in interest alone on his taxes. The next year after he sold it he was living in a small not expensive house and paid less than 2,000 in interest. It made less 200 dollars difference on his taxes. He came to the same conclusion I did many years earlier ..PAY OFF THE HOUSE. Now onto the car mileage deduction $0.62 a mile deduction..Is that for real 62 cents a mile? So if you drove a car just for business like deliveries and went 40K miles a year. $24,800 you can write off? Will it end up like the above and only result in pennies difference? More math buddy drove 140 miles round trip and company paid him $35 bucks. $86.80 can be wrote off for the mileage at .62 a mile.. Really. With that math it looks like you can make 56 bucks off the government at the end of the year for that single trip. Yea you get taxed on about 33% of what you make so cut that into thirds. you still make 60 bucks. Is my math flawed? Help me out tax guys because is seems like a decent gig. [/QUOTE]
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Tax write offs do they amount to anything substantial??
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