I have a new job with a monthly car allowance of $450. Is this taxable income? Should I document my miles...?

in case my expenses go beyond the allowance? What is considered an expense? Just the gas costs? Or that plus oil changes, car payments, insurance, etc? Help! Please be comprehensive in your answer. Thank you very much!I have a new job with a monthly car allowance of $450. Is this taxable income? Should I document my miles...?standard mileage is 48 1/2 cents per mile for 2007. You should be keeping a log of your miles. Your commute miles do not count. Commute miles are the miles you drive from home to your first work location and from your last work location to home.



If you claim the standard mileage rate it includes gas, repairs, depreciation, etc. unlike the actual costs wherein you have to document all charges, etc. Most people use the standard rate.



You will need to keep a log of your mileage used each day also tolls and parking fees.



When you prepare your taxes you will need to know when you placed your vehicle in service, how many miles you drove for the year, how many were busines miles and how many were commute miles.
I have a new job with a monthly car allowance of $450. Is this taxable income? Should I document my miles...?
The car allowance is intended to cover all costs of using your car for business - gas, maintenance, insurance, depreciation. It is taxable income and you can't also claim a mileage deduction. If you feel the $450 is insufficient, that is a matter to be resolved between you and your employer.

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