Tax Question: Car Allowance (1 Viewer)

[Dan Lambskin]

Question:  I start a new job where I get a monthly car allowance of $X (assuming this is just paid via expense check)

any tax implications I need to be aware of?  Should I keep a mileage log for business use?

also this is supposed to cover all gas, mileage, repair, etc

someone told me I may still be able to claim a deduction on business miles at the $0.56/mile rate...is this true?  Anything else car related deductible?

 

[avoiding injuries]

I have a car allowance plus mileage reimbursement. I am able to deduct the difference in my mileage reimbursement from the .56. Call your accountant if one here doesn't chime in.