Quote:
Originally Posted by BillyMac
Because you said "$0.50 per mile round trip paid to one driver".
Figured only you, or your partner, got reimbursed, not both.
If your claiming the mileage reimbursement as income, then you may be able to deduct all of your mileage as a business expense. Some would not claim it as earned income, and then not take a mileage business expense deduction.
Don't listen to me, I'm sure your tax guy does an excellent job.
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Whether one or both drivers are paid is not relevant. If he drives, he can and should deduct the mileage he actually drove. Likewise, whether you drive or not, all money received is income (even if it is designated as reimbursement for travel) and should be included in that income. The deduction for miles driven will take care of the balance.