Tax Court Reminder on Keeping Mileage Records
Without good records about driving personal vehicle for business, you can lose out on legitimate deductions. For example, in one recent case the sole owner of an S corporation engaged in acquiring and selling petroleum marketing properties was allowed a deduction only for the trips for which he had complete records. Trips for which entries lacked certain details were not deductible. Idea: Consider using an app such as MileIQ to properly track your business driving.