Ok, so I've been doing a little research lately and it turns out that the driving I do for Domino's (I deliver) in my own car is eligable for federal mileage compensation. I get paid a flat $0.95/delivery, unless I'm taking 2 or more deliveries at the same time which means I would get paid $0.95 for the first delivery and $0.75 for the 2nd delivery. This money that I get paid is classified as maintenance since I don't get paid per mile and odometer readings are not taken by my store.
Since day 1 of working at my store I've logged my start and end odometer readings for each day when I arrive and leave the store for the day. Being as how I didn't start working until August the federal tax mileage rate for me is $0.55/mile. What I want to know is, would I get the full amount my mileage adds up to (meaning the say 4000 miles @ $0.55/mile=$2200) even if that means getting a refund larger than the amount I paid into my taxes?
Using hypothetical numbers, would I be correct in saying that if I over-paid my federal taxes by $2000 (meaning I get a $2000 refund), and I have 4,000 miles logged for work doing deliveries ($2200 at $0.55/mile), would I get a total refund of $4200? Or would I just get the $2000 back and nothing more? I've never dealt with anything like this before so I have no idea how anything like this works. I know there is atleast 1 person on here who's dealt with this before so any clarification would be much appreciated.
Thank you
Since day 1 of working at my store I've logged my start and end odometer readings for each day when I arrive and leave the store for the day. Being as how I didn't start working until August the federal tax mileage rate for me is $0.55/mile. What I want to know is, would I get the full amount my mileage adds up to (meaning the say 4000 miles @ $0.55/mile=$2200) even if that means getting a refund larger than the amount I paid into my taxes?
Using hypothetical numbers, would I be correct in saying that if I over-paid my federal taxes by $2000 (meaning I get a $2000 refund), and I have 4,000 miles logged for work doing deliveries ($2200 at $0.55/mile), would I get a total refund of $4200? Or would I just get the $2000 back and nothing more? I've never dealt with anything like this before so I have no idea how anything like this works. I know there is atleast 1 person on here who's dealt with this before so any clarification would be much appreciated.
Thank you