Tax question re: mileage

I vaguely recall someone saying to save all mileage receipts for tax reimbursement. My paper paid me $0.23 per mile (IRS rate is $0.57 per mile) and I saved my receipts. Everyone I talk to in the tax world keeps saying I won't get anything back because it won't be more than a standard deduction.

I'm filing taxes for myself for the first time ever (recent college grad). Please break the mileage explanation down to me as if you were explaining it to an 8-year old.

Thanks

 

unless you can itemize deductions that total more than the standard deduction, there's no use in it. as a recent grad, i doubt you make enough salary or have enough deductions to itemize. but just for grins, you'd be able to deduct the difference in what your company paid (.23) and the irs rate (.57). and rather than receipts, you should've been keeping a log of actual miles you used for work, which wouldn't include driving to and from the office.

 

That's a pretty good explanation.
By reciepts are you talking abouit the mileage sheet you tunr into the company each month? That's what you need to save. If not, the Biz. office should be able to provide you with copies.
Unless you itemize - which is only beneficial if you have about $10,000 in deductions - the mileage is going to be no help.
Look around to see what you can and can not deduct. You might be surprised.

 

Damn. Yeah, I started in July. I meant that I kept my mileage logs (just photocopied them at the end of each month). It's probably a difference of about $3,500 right now. This is disappointing.

 

just curious, what cheap-ass company was paying 23 cents a mile during 2008 when gas was more than $3 a gallon. i guess i shouldn't be surprised that newspapers screw us on salary and on mileage.

 

Uh, for most of the year, my cheapass CNHI shop was at 23...ugh

 

And the business expense deduction has to exceed 2% of your gross before it becomes deductible.

 

There are any number of deductions you can take if you're willing to do the paper work. One is the difference in mileage reimbursement. Another is seeking a refund of city tax payments if you are primarily working outside the city where you live (say you're covering a college not in your home base town). Another is taking a home office (you have to designate a room or area for that alone), if you're doing a lot of work away from the office. It does mount up. It no longer does me any good because I'm old and the house is paid for, etc. No car payments. But when I was younger I used this deduction and it paid off for me.

Sptwri

 

better be careful on deductions for home offices. can't just claim a deduction because you sometimes do work there or because it's more convenient for you. and the space designated has to be for the sole use of an office, not just having a computer on a desk in your bedroom or living room.

best advice is to go to the irs government web site.