Vehicle Claim

[daycare]

I am using MMK to do all of my accounting

I use my personal vehicle to take kids on field trips, which we do a ton..

I have a new CPA this year and she told me that I should only be inputting the monthly interest into MMK, not the payments?

I am really lost.................

Help....

DO I claim the actual payments and use the T/S% , the interest or both???

Thanks in advance....

[MarinaVanessa]

You can't claim the payments ... it's just like a home. You can't claim your mortgage payments but you can claim the interest.

You can however claim mileage or claim exact expenses (oil changes, tires etc.) but that's time consuming and tedious and you can't go back and forth claiming mileage one year then exact expenses another year.

Maybe Tom can chime in here and clarify. He's so much better at it .

[daycare]

Originally Posted by MarinaVanessa

You can't claim the payments ... it's just like a home. You can't claim your mortgage payments but you can claim the interest.

You can however claim mileage or claim exact expenses (oil changes, tires etc.) but that's time consuming and tedious and you can't go back and forth claiming mileage one year then exact expenses another year.

Maybe Tom can chime in here and clarify. He's so much better at it .

hahah I just looked back at my taxes from last year and you are correct....interest only.......

thanks MV

[TomCopeland]

Originally Posted by daycare

I am using MMK to do all of my accounting

I use my personal vehicle to take kids on field trips, which we do a ton..

I have a new CPA this year and she told me that I should only be inputting the monthly interest into MMK, not the payments?

I am really lost.................

Help....

DO I claim the actual payments and use the T/S% , the interest or both???

Thanks in advance....

You can only claim the business portion of interest, not the monthly payment. The business portion is based on your business miles divided by the total number of miles you drove. Don't use your T/S%.

[kitykids3]

OT but thanks for posting the question, I didnt know I could claim the interest on the van payment. Dang, now I gotta find out how to figure out how much it was.

[daycare]

Originally Posted by kitykids3

OT but thanks for posting the question, I didnt know I could claim the interest on the van payment. Dang, now I gotta find out how to figure out how much it was.

look on your auto finance statements and it will usually show you on there. At least mine does

[kitykids3]

Originally Posted by daycare

look on your auto finance statements and it will usually show you on there. At least mine does

I don't get one. I just send a payment in each month from my coupon book. Guess I get to make another phone call.