Tax Information For Bigs

One of our fellow Bigs is a CPA.  He suggests the following tax information may be helpful to Bigs.  If you have questions about your situation, please contact a tax advisor. NovaBigs does not provide tax advice.

If you itemize your taxes (mostly if you own a home) your mileage at $0.14 a mile and personal expenses spent on your little are tax deductible. Mileage would include the round-trip miles from your home to your little’s home. Mileage incurred when you went somewhere with your little would need to be prorated as it is a personal expense in part.

For example if it is 10 miles each way from your home to your little’s home and you drive 6 miles round-trip from your little’s home to the movies your mileage deduction would be 23 miles:

-20 miles round-trip from your home to your little’s home
-3 miles to prorate half personal and half for your little to the movies.

Additionally any expenses spent directly on your little would be deductible as an itemized deduction. For example if it costs you $7 each for the movie and you each purchased a $4 popcorn only $11 would be deductible ($7 for your little’s movie and $4 for your little’s popcorn). Your portion of the expenses for when you do something with your little is never deductible.

More information is availalbe at:

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