More Tax Questions...

[Unregistered]

Question on depreciation: If I purchase an item and the cost was under $100, but with tax it is over, do I have to depreciate it??

Also, off the day care topic, but another question.
My husband had to make a few business trips out of town for work. Is there anywhere, he can deduct his mileage for that trip on his taxes?? he seems to think so.

Thanks!

[Michael]

Maybe some help on the mileage here: https://www.daycare.com/forum/tags.p...ction+-+milage

[TomCopeland]

Questions

Question on depreciation: If I purchase an item and the cost was under $100, but with tax it is over, do I have to depreciate it??

Also, off the day care topic, but another question.
My husband had to make a few business trips out of town for work. Is there anywhere, he can deduct his mileage for that trip on his taxes?? he seems to think so.

Thanks!

The $100 rule is a rough rule of thumb. If the cost, including sales tax, is slightly over $100 claim it in one year.

If your husband is self employed he can deduct trips in which the primary purpose is for his business. If he is employed and his company reimburses him for travel, he can't deduct anything on his taxes. If his company doesn't reimburse him for travel, he can claim travel expenses as a miscellaneous itemized expense on Schedule A. However, he would need a lot of such expenses before he could claim them.