Tax deductions brainstorm

[yohoe]

I'm not so sure you're correct on the DITY move stuff. You do realize you have to submit receipts for all of that stuff (truck, gas, oil) and are subsequently reimbursed. Hence, you're getting paid for that equipment that is part of your move.

While working stash at personal property (according to the women who work there), you do not get reimbursed for truck, gas, oil, etc. When you turn in the DD 2278 and use the "dity checklist and certification of expenses" form, the only thing they look at is your weight tickets (unloaded and loaded).

If you go to http://pptas.ahf.nmci.navy.mil/, you can put in your locations and weights and it will give you a claim estimate. Providing other receipts are for tax deductions.

 

[MasterBates]

Yohoe, you are AFU on this.

You are paid to execute the entire move. The reciepts you turn in for truck/oil/etc come off your "taxable income" because they are "business expenses".

I have done 10 DITY moves to date. I do have a clue on how they work.

 

[yohoe]

Yohoe, you are AFU on this.

You are paid to execute the entire move. The reciepts you turn in for truck/oil/etc come off your "taxable income" because they are "business expenses".

I have done 10 DITY moves to date. I do have a clue on how they work.

True, but correct me if I'm wrong, you could claim this during your deductions at the end of the year rather than after your dity move. The office I worked at told everyone not to bother turning them in as you will not receive direct compensation.

 

[MasterBates]

You are wrong.

You can't claim a DITY move expense on your taxes because you are paid for it.

And you should ALWAYS turn in your rental vehicle, gas and oil receipts because that reduces the amount of taxes you pay on the DITY income.

Example-
$10,000 DITY move
$2,000 Expenses (rental, oil, boxes, etc)
Taxed on $8000 @ 25% so take off $2000

$8k in your pocket. If you turned in no receipts, you would be taxed on $10K and only put $7500 in your pocket.

 

[insanebikerboy]

Actually, yohoe and MB are both right. It's all a matter of when you claim the receipts. If you don't submit anything to PPO, except for your weight tickets, then you'll be taxed on the entirety of the payment you receive. So, you could claim those receipts at the end of the year while doing your normal taxes as a moving expense.

The opposite is true if you claim them on the Dity, you can't claim them at the end of the year.

It's done that way to prevent double dipping.