bicycles and the IRS: for sole proprietors and for commuters

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Permalink Reply by Michele on February 26, 2011 at 4:04pm

I just changed the title of this thread because we're really discussing two separate issues. The situation is different for the self-employed and those working for an employer.

I'm a sole proprietor so I can write off expenses for tax purposes. The question is whether bike expenses qualify. I couldn't find anything that applies specifically to bicycles on the IRS website, so I think the issue is how to apply the company vehicle regulations to bicycles. Different accountants would have different interpretations of how to do that. When you expense a car, you have to expense the portion used for work by tracking mileage. It sounds like Julie's accountant determined that it made sense to expense her bike expenses.

 

For in it to win it and others who work for an employer, Serge explained your option:

Serge Lubomudrov said:

I believe there is a small tax incentive even if you just commute by bike (at least three times a week), something about 20 bucks a month. More info here and here.

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Permalink Reply by Nancy L. Fagin on February 26, 2011 at 8:00pm

I certainly do.  I use my bike and trailer to haul mail to the post office (especially when the boxes are too big to walk and haul.  I keep the receipts of all tubes,tires and any repair work.  I haven't figure out a way of keeping the mileage for the short runs, but for longer runs, I certainly do a running record. Even food as part of travel expenses can be deducted.  Again I keep the receipts, i.e. 

Dunkin' Donuts/Evanston 5.69

Trip to Evanston rt 26 miles 

Library sale/Evanston 150.00

 

I judgiciously store the receipts in several shoe boxes as evidence.  If a two martini lunch can (or used to be) deducted, a coffee and a healthy donut certainly must be a given!

 

Nancy

 

 

 

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Permalink Reply by h' Zerocats on February 26, 2011 at 9:02pm

Hey Nancy,

Not to derail this discussion but I hear you were asking about the truss-style trailers at the swap today;

They're changed the style a bit but here's the company that makes them:

 

http://bikesatwork.com

 

Nancy L. Fagin said:

I certainly do.  I use my bike and trailer to haul mail to the post office (especially when the boxes are too big to walk and haul.  I keep the receipts of all tubes,tires and any repair work.  I haven't figure out a way of keeping the mileage for the short runs, but for longer runs, I certainly do a running record. Even food as part of travel expenses can be deducted.  Again I keep the receipts, i.e. 

Dunkin' Donuts/Evanston 5.69

Trip to Evanston rt 26 miles 

Library sale/Evanston 150.00

 

I judgiciously store the receipts in several shoe boxes as evidence.  If a two martini lunch can (or used to be) deducted, a coffee and a healthy donut certainly must be a given!

 

Nancy

 

 

 

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