I know for personal vehicles you need to log mileage in order to get a tax deduction, but what about a company vehicle? We saved all gas receipts for the company van, but did not keep a log.|||It varies from Company to Company.
I have had a Company Issued Vehicle for over 5 years now and this is how my company handles gas and mileage
At the end of each week I submit a report telling them how many miles I drove the vehicle for work each day and then had to add it all up and give them a weekly total as well.
I also for that same week had to break down the daily mileage for the miles I drove the vehicle for non-work purposes and had to submit them as well.
Then with those numbers I mailed it into the office on Monday with the receipts for all gas purchases for that week.
Any miles driven that were non-work related I was taxed on by my company per IRS Regulations.
You are NOT required to keep track of Company Car Miles for YOUR tax purposes, however you DO need to have the miles YOU drove the car for YOUR purposes acurately reported for YOUR TAX purposes.
Hope this helps|||That should be good enough.
In order to take a tax deduction it is my understanding that you can use the following methods:
1. Actual milage
2. government milage allowance
3. gas receipts ( you would know how many miles to a gallon the vehicle gets )
www. irs.gov|||You don't need to log personal vehicles.
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