Tuesday, April 29, 2014

Fuel tax credit- Australia and Mileage deduction USA

The Australian Taxation Office makes it easy for taxpayers to calculate the fuel tax credit. A website is provided to calculate the credit; http://www.ato.gov.au/fuelcreditcalculator. If you use fuel in your business; check out if you can claim fuel tax credits for the fuel used in your business at https://www.ato.gov.au/Business/Fuel-schemes/In-detail/Fuel-tax-credits---for-GST-registered-businesses/Calculating-and-record-keeping/Fuel-tax-credits-calculation-worksheet/. Australian taxpayers that file United States tax returns should be aware of the requirements for the vehicle deductions. The US returns requires detailed information on the vehicle and the miles driven. The following is the tax form for recording self-employment use of a vehicle: When did you place your vehicle in service for business purposes? (month, day, year) Of the total number of miles you drove your vehicle during 2013, enter the number of miles you used your vehicle for: a. Business, b Commuting (see instructions), c Other miles. Was your vehicle available for personal use during off-duty hours? Yes or No .Do you (or your spouse) have another vehicle available for personal use? Yes or No. Do you have evidence to support your deduction? Yes or No. Mileage is also deductible in the areas of medical miles, volunteer miles and moving miles. The standard mileage rates for 2013 are business 56.5 cents, medical/moving 24 cents and charitable 14 cent per mile. The preparation of a US return requires conversion to miles. Mileage booklets are available on request. Please see contact information below. For further questions, please contact me at 01 913-940-2646 or kkellogg123@gmail.com. http://www.expattaxes.net .