Without good records about driving personal vehicle for business, you can lose out on legitimate deductions. For example, in one recent case the sole owner of an S corporation engaged in acquiring and selling petroleum marketing properties was allowed a deduction only for the trips for which he had complete records. Trips for which entries lacked certain details were not deductible. Idea: Consider using an app such as MileIQ to properly track your business driving.
Barbara Weltman
Big Ideas for Small Business, Inc.
Subscribe and download our eBook, "150+ Tax Deductions for Small Business A to Z."
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