IRS Audit Requirements - Mileage Logs
Motor vehicles are money-eaters — most small businesses’ biggest expense of all. Considering maintenance, insurance, gas and purchase prices, cars and trucks are larger than employee salaries. According to the latest IRS statistics, over 14% of all small business expenses are for vehicles.So, even the IRS tells us – perhaps unintentionally – that autos can produce one of your largest business expense deductions. And, a vehicle can yield thousands of dollars in tax savings year-after-year. Sharing your car expense with Uncle Sam is guaranteed to give you a warm and fuzzy feeling!
January 14, 2021