I have a small vehicle repair business and go for parts everyday, so i want to use the mileage for income tax purposes. Do i have to write down the starting and ending odometer readings each day???
2007-10-10 05:35:18 · 7 answers · asked by smi_le_y 2 in Business & Finance ➔ Taxes ➔ United States
EACH TRIP NEEDS TO BE LOGGED IN IF YOU DO ANYTHING ELSE WITH THIS VEHICLE THAN BUSINESS
2007-10-10 05:46:08 · answer #1 · answered by D.C. 6 · 0⤊ 0⤋
You don't need the odometer readings, just a record of the actual miles.
Also, the state of MA now collects odometer readings at the annual vehicle inspections. This is for the purpose of determining insurance rates, but it obviously could be obtained by the IRS. Don't know if any other states do this.
2007-10-10 08:10:06 · answer #2 · answered by r_kav 4 · 0⤊ 0⤋
Complete mileage log, to the tenths is what is acceptable.
Keep a running document of your trips and do not include any side trips that are not business related.
You do not want to have explain a few miles difference in the amount because of a grocery shopping stop on the way to or from your business destination.
2007-10-10 06:40:52 · answer #3 · answered by Sue F 7 · 0⤊ 0⤋
As everyone else has said, yes you need to keep track of your odometer readings. The IRS can be sticklers for minor things like this.
2007-10-10 06:15:12 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You need to keep records each day that you drive the car for any reason showing miles driven for and how much was personal, commuting or business - if business, then the miles driven, where did you go and why.
2007-10-10 07:06:52 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
Yes. IRS will be unforgiving of no mileage log.
2007-10-10 05:55:29 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Unless you only use if for business yes you do.
2007-10-10 05:37:11 · answer #7 · answered by vinster82 5 · 0⤊ 0⤋