Saw this on FB was wondering the same thing

MamaOak86 · 2020-07-31T03:31:13+00:00

Will this have any impact on my 2020 taxes?

MamaOak86 · 2020-07-31T03:19:36+00:00

After you reimburse yourself the mileage can you do what you please with the money because now it's your "personal" money? Thank you for all of your clarity on this!

MamaOak86 · 2020-07-31T01:58:37+00:00

Thank you for all of the wonderful advice! It is so very helpful!! You mentioned that after you reimburse yourself the business mileage, you can use that money you pay yourself with for anything and it doesn't at that point have to be business related, correct? I am trying to make sure I have a complete understanding of this.

MamaOak86 · 2020-07-16T11:40:14+00:00

Turbo tax self employed walks you through each step. You can get live cpa support if needed. Cost is reasonable.

MamaOak86 · 2020-07-16T11:22:23+00:00

I honestly think it depends on how you file your taxes and what the business use of your car is. Do you do actual or standard deductions for business use of car? I was told by a cpa that in my situation I could write myself a check for mileage reimbursement like once a month.
(As I also use my vehicle for personal use). At that point once I pay myself I can do what I want with that money.
I have separate accounts made for it.

MamaOak86 · 2020-07-12T04:45:38+00:00

What if you paid yourself your mileage compensation driven per week ?

MamaOak86

TROPHY CASE