- #Mileage reimbursement independent contractor code#
- #Mileage reimbursement independent contractor professional#
Vehicle maintenance is part of the milage reimbursement (or expense deduction if you did not get reimbursed) so it's not deductible separately. If you're young and healthy then maybe just catastrophic coverage is okay.Īnd replace my rotors with performance ones. Get what you need and what's right for your situation. No double dipping.Īlso known as Self Employed health insurance, and is deductible. So you are being paid for your mileage? That means you cannot also deduct the expense. I put anywhere from 120-240 miles on my car per day and the mileage recompensation rate is 58.5 cents per mile. Someone telling you 30% is safe for a beginner (unless in a high tax state) until you have a better idea what your net income is. Income tax is in brackets, so the more you make the higher the rate. Self Employment tax is 15% and then you add income tax on top of that. I've already done enough research to know the tax rate for self employment is a flat 26.3%. Rather than trust strangers on the internet, contact your local resources to get accurate answers.
#Mileage reimbursement independent contractor professional#
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#Mileage reimbursement independent contractor code#
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