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Deducting Auto Expenses
Posted onAs a small business owner, you can deduct automobile expenses for visits to clients, customers or travel to business meetings away from your regular workplace. If you have a home office, a drive from your home to a supplier and back home again is a 100 percent deductible business expense. When figuring expenses, you may choose between taking the standard mileage rate or deducting your actual expenses for items such as gas, oil changes, tires, repairs, preventive maintenance, insurance and registration. If you choose to deduct your actual expenses in the year you start using your car for business, you can’t switch to the standard mileage rate later. If you decide to deduct your actual expenses, you must keep a log of your trips noting the date, the miles driven, and the purpose of each trip. Try to log your trips as they occur, when it’s easier to keep track of the details
For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.
Tags: Business Expenses, Corporation, Deductions, incorporation, IRS, LLC, Record Keeping, Recordkeeping, Small Business Taxes