I use my car to show multiple appointments each day around the property constanly and I have to make several trips to the office. The only thing is I did not keep receipts for mileage or oil changes or other car expenses. What can I do and can I receive more money back because of this. I dont own a home or property or have any kids
2007-01-11 04:27:46 · 7 answers · asked by Derrick S 1 in Business & Finance ➔ Taxes ➔ United States
Absolutely! I am in the same field (property management) and have to track any and all business related mileage for my company to reimburse me. You may want to ask your employer if they reimburse, as most companies will. My company pays $.55 cents per mile.
If they do not, then yes, it is important that you keep all receipts for tax purposes. Create your own monthly mileage and expense logs to keep in your vehicle. Remember to jot down the date, start and end of mileage and where you went.
You may want to keep repair receipts to show your tax person. You will be amazed to find out how much your little trips can add up.
2007-01-11 04:51:57 · answer #1 · answered by yellrbird 5 · 0⤊ 0⤋
Yes, you can. This is a legitimate business expense, and as such is deductible. By far the simplest way to proceed is to keep a logbook of the business use, add up the mileage, and then multiply that by the IRS's standard per-mile allowance. You do need to keep the logbook to show the revenuers if they want to see it.
2007-01-11 12:32:55 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes! Just keep the receipt of the gasoline and mark down date, time, places and mileages you drive your car!
2007-01-11 12:31:40 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Given your description, your car expenses wouldn't be enough for you to put on Schedule A so that you total itemized deductions would come up to the minimum of of $5,150.
But next year, keep your mileage records just in case you can itemize.
2007-01-11 13:14:22 · answer #4 · answered by ninasgramma 7 · 0⤊ 1⤋
you can use the mileage, excluding your initial trip to work and excluding your trip home from work any other driving you do during the day is deductible. At least that's the law in my state, as the owner of two businesses I can tell you this--a good accountant is worth his/her weight in gold!!
2007-01-11 12:42:35 · answer #5 · answered by Centurion529 4 · 0⤊ 0⤋
I would say yes. You'd want to consult someone who knows more about taxes than I do, but you may get audited without receipts.
2007-01-11 12:35:32 · answer #6 · answered by ROBERT L O 4 · 0⤊ 0⤋
I'm pretty sure you can..But then you would have to tell your auto insurance that you use your car for company use and your rates might go up..Thats only my oppion
2007-01-11 12:33:05 · answer #7 · answered by Anonymous · 0⤊ 0⤋