Social Security taxes are paid into the Social Security Trust Fund maintained by the U.S. Treasury (technically, the Federal Old-Age and Survivors Insurance Trust Fund, as established by 42 U.S.C. Â§ 401(a)). Current year expenses are paid from current Social Security tax revenues.
If you're an employee and don't get reimbursed, you can write off mileage as an employee expense if you itemize deductions. The IRS sets limits on what you can claim: driving from your dorm room to your workplace isn't deductible mileage, for instance.
You can deduct interest on an auto loan, registration and property tax fees, and parking and tolls in addition to the standard mileage rate deduction, as long as you can prove that they are business expenses. Hereâs a list of auto-related expenses you might incur.