To deduct the cost of business driving, you need certain “contemporaneous” records, even when using the IRS standard mileage rate. The Tax Court said that a CPA’s records for his business driving prepared 2 years after the fact won’t due. Better option: use an app such as MileIQ to generate contemporaneous records. Note: Use my promo code BWEL749A and receive 20% discount on annual plans.
Barbara Weltman
Big Ideas for Small Business
Footer
