[Dixielandjazz] [!! SPAM] Re: Tax deductions

[Larry Walton Entertainment - St. Louis]

You should have gotten a whole lot more assuming it was business rather than 
volunteer.  They even had a change that increased it somewhere in the middle 
of the year.  I'm not exactly sure what it was but it was somewhere very 
close to 48 cents a mile.  Which should come to about $175 in deductions 
which reduces the 15% SS you pay and at least 10% bracket to the IRS and in 
my state another 7% to the state so it's not just a small deduction by the 
time everything is figured in.  So you should have gotten about 25-30% of 
that back.  In my case it was in the neighborhood of 4000 miles for both of 
my businesses which is a pretty big chunk of change.

Schedule A rips you off pretty good if that's where you put it.  That's the 
only place it can go if you aren't claiming business income.
----- Original Message ----- 
From: "PHIL WILKING" <philwilking at bellsouth.net>
To: "Larry Walton" <larrys.bands at charter.net>
Cc: "Dixieland Jazz Mailing List" <dixielandjazz at ml.islandnet.com>
Sent: Thursday, February 21, 2008 10:00 PM
Subject: Re: [Dixielandjazz] [!! SPAM] Re: Tax deductions


I accept whatever Turbo-Tax puts in.

I played about one nursing home a month last year (fewer than usual). It
still came out to about 350 miles. Even at 14¢ a mile, that's $49 in
expense, which will come out to at least $10 less federal tax.

I think it's worth 15 seconds each trip to record it on a piece of paper and
claim it: $10 for 3 minutes total time is $200 an hour (after tax).

Phil Wilking

Those who would exchange freedom for
security deserve neither freedom nor security.

----- Original Message ----- 
From: "Kay Spencer" <kay2840 at yahoo.com>
>
>  While I'm sure 40cents a mile adds up quickly, I would recommend only 
> deducting 14 cents a mile for charity related mileage for the 2007 tax 
> year.  (The allowable deduction for business mileage is 48.5 cents and 
> medical or moving mileage is 20 cents.)
>

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