Billsnogo
wannabe plumber
First of all, sorry if this is in the wrong area, or if this should even be on this site, but you are the only plumbers I know of other than my instructor.
Anywho, I am thinking about applying to get accepted into a union apprenticeship, but they require you supply your own vehicle.
Not a huge deal, but I am worried a little since I would want a low milage vehicle to be a little more reliable and make sure I make it to the job sites on time every day, that would require me to take out an out loan. I also assume that a van would be needed to carry my tools, so they are not exactly fuel friendly.
So with the cost of the auto loan and fuel, I am worried if I should just stick with looking for work in non-union shops, unless the tax writeoffs are worth it, and if I can claim it since I am an employee rather than a business owner.
I have looked so far, and the IRS site says you can do a milage writeoff of something like .40 a mile, so assuming I do 10,000 miles on the vehicle, that would be a $4,000 deductible. Now does that mean I will pay the IRS $4000 less each year? For an assumption, lets say I pay in $6K to the IRS, with the $4000 deduction will I only owe them $2k, or will they let me only take part of the deduction.
I know you guys are plumbers and most likely have had your accountants deal with this mumbo jumbo, but just in case someone has had a good chat with there accountant and know what the low down is, could you share?......please?
(I know, I know, I ask alot of silly questions)
Anywho, I am thinking about applying to get accepted into a union apprenticeship, but they require you supply your own vehicle.
Not a huge deal, but I am worried a little since I would want a low milage vehicle to be a little more reliable and make sure I make it to the job sites on time every day, that would require me to take out an out loan. I also assume that a van would be needed to carry my tools, so they are not exactly fuel friendly.
So with the cost of the auto loan and fuel, I am worried if I should just stick with looking for work in non-union shops, unless the tax writeoffs are worth it, and if I can claim it since I am an employee rather than a business owner.
I have looked so far, and the IRS site says you can do a milage writeoff of something like .40 a mile, so assuming I do 10,000 miles on the vehicle, that would be a $4,000 deductible. Now does that mean I will pay the IRS $4000 less each year? For an assumption, lets say I pay in $6K to the IRS, with the $4000 deduction will I only owe them $2k, or will they let me only take part of the deduction.
I know you guys are plumbers and most likely have had your accountants deal with this mumbo jumbo, but just in case someone has had a good chat with there accountant and know what the low down is, could you share?......please?
(I know, I know, I ask alot of silly questions)