travel expenses reimbursement from business contract

[LN59715]

contract with a client had 2 payments, one for production services and one listed on the contract as Travel Expenses. Do I need to report the "Travel Expenses" payment?

Travel Expenses were calculated by a standard per mile charge and the total amount of travel expenses in the contract were not accounted for other than mileage.

State of Colorado

 

[Zigner]

contract with a client had 2 payments, one for production services and one listed on the contract as Travel Expenses. Do I need to report the "Travel Expenses" payment?

Travel Expenses were calculated by a standard per mile charge and the total amount of travel expenses in the contract were not accounted for other than mileage.

What US state?
In the US, yes, you'd need to report it. The income would (should) be at least partially offset by the any expenses you claim. Please speak to a tax pro for assistance.

 

[LdiJ]

contract with a client had 2 payments, one for production services and one listed on the contract as Travel Expenses. Do I need to report the "Travel Expenses" payment?

Travel Expenses were calculated by a standard per mile charge and the total amount of travel expenses in the contract were not accounted for other than mileage.

State of Colorado

You report the entire amount of money that you were paid. You then take the expenses and deduct them from that money. (assuming that you are self employed if you are not, the new taxes laws eliminated employee business expenses)

If you were paid 30 cents a mile by the contract, you still deduct the 54.5 cents per mile that the IRS allows.