msar-riders@lists.ibiblio.org
Subject: Mounted search and rescue
List archive
Re: [MSAR] H.R. 606, Volunteer Emergency Responder Fair Mileage Act of 2007
- From: "Thor Burfine" <thor@cpcinc.net>
- To: "'Mounted search and rescue'" <msar-riders@lists.ibiblio.org>
- Subject: Re: [MSAR] H.R. 606, Volunteer Emergency Responder Fair Mileage Act of 2007
- Date: Tue, 1 May 2007 16:46:22 -0500
I will second the actual cost
No question on last years audit on the replacement of a
$8,500.00 stock trailer that was wrecked out ( I wrote off about $3,750.00). I
was just lucky it was full of 4-wheelers and not horses when it was
hit.
I was able to show that 44% of its use was for
SAR.
------------------------------------------ Thorton K. Burfine thor@cpcinc.net Creative Process Consultants C 832-651-6328 F 832-550-2749 From: msar-riders-bounces@lists.ibiblio.org [mailto:msar-riders-bounces@lists.ibiblio.org] On Behalf Of IRVIN LICHTENSTEIN Sent: Tuesday, May 01, 2007 4:26 PM To: 'Mounted search and rescue' Subject: Re: [MSAR] H.R. 606, Volunteer Emergency Responder Fair Mileage Act of 2007 This is another feel
good law that has no effect on the current situation. If you are
reimbursed for an expense the payment is not taxable to you as federal income
as long as you do not try to deduct it also. The fact that you put in the
expense voucher and were reimbursed is sufficient proof to exclude the payment
from your income. Further, if you were not reimbursed and the organization
you incurred the expense on behalf of was determined to be tax exempt under IRS
501 (c) (3) or equivalent as all volunteer fire companies are by statute and
most As to the amount
received, that is up to the reimbursing organization. At least one fire
company here in the East is paying over 48 cents a mile for personal cars used
to attend training sessions at the county fire school. The only glitch is if
they use miles instead of actual costs and you dont get great mileage.
This also means that an EMT course costs $100 in tuition and typically a $1000
in mileage. I strongly suggest that you balance actual cost versus mileage
allowance when calculating your expenses. With large SUVs and pick ups,
towing horse trailers, etc. the actual cost method is usually more equitable at
tax time, particularly if you have had a big repair bill during the year. I
drive a ¾ ton Suburban and have used actual cost for over 10 years without an
auditor questioning the expenses, even when fairly rare but large mechanical
repairs, such as an injection pump, were included in the annual cost basis.
The most important fact
is that the organization you donated to must have a letter of determination from
the IRS as to their tax exempt status if they are not a fire company since all
other response groups must apply for a finding and fire companies should since
calling yourself a fire company does not make you one.
The only way a
reimbursement is federally taxable is if you already claimed the deduction (or
you are committing fraud by claiming the expense from multiple agencies or did
not actually incur the expense). Irv Lichtenstein
From:
msar-riders-bounces@lists.ibiblio.org
[mailto:msar-riders-bounces@lists.ibiblio.org] On Behalf Of Hal Sikes |
-
[MSAR] H.R. 606, Volunteer Emergency Responder Fair Mileage Act of 2007,
Hal Sikes, 05/01/2007
-
Re: [MSAR] H.R. 606, Volunteer Emergency Responder Fair Mileage Act of 2007,
IRVIN LICHTENSTEIN, 05/01/2007
- Re: [MSAR] H.R. 606, Volunteer Emergency Responder Fair Mileage Act of 2007, Thor Burfine, 05/01/2007
- Re: [MSAR] H.R. 606, Volunteer Emergency Responder Fair Mileage Act of 2007, Una Smith, 05/01/2007
-
Re: [MSAR] H.R. 606, Volunteer Emergency Responder Fair Mileage Act of 2007,
IRVIN LICHTENSTEIN, 05/01/2007
Archive powered by MHonArc 2.6.24.