Meeting the 6 IRS requirements for your Mileage Deduction is easy with Deductr!
If you use a vehicle for your business, this can be a business expense. IRS Publication 463 states that you must supply the following:
1. The date you started using it for business,
2. The mileage for each business use,
3. The total miles for the year,
4. The date of the use of the car,
5. Your business destination, and
6. The Business Purpose.
For tax purposes, a specific vehicle must be declared to get the deduction. Start with the vehicle you will use most of the time for business.
By keeping your odometer readings up to date, Deductr will calculate the greatest vehicle deduction possible for all estimated calculations.
Periodically updating the ending odometer as you track you mileage will make the vehicle expense report more meaningful.
Where do you enter your ending odometer reading for the year?
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