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Re: Out of pocket Business Deductions w/out reciepts (1 viewing)
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TOPIC: Re: Out of pocket Business Deductions w/out reciepts
#467
shachah (User)
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Out of pocket Business Deductions w/out reciepts 2007/02/10 11:52 Karma: 0  
Hi, I'm using H&R Blcok Tax Cut 2006, and I had a question that i can't find that answer to.

I was wondering if i need to have all reciepts for car repairs, gas, tires, insurance, and registration fees, etc. for a vehicle that i used for daily business use.

I am assuming that i do need the reciepts, but i'm really hoping that i don't.

Any help and references would be greatly appreciated.

God Bless
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#468
supeheterdyne (User)
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Re: Out of pocket Business Deductions w/out reciepts 2007/02/10 11:57 Karma: 0  
You need to maintain a log or other record of your business mileage and your total miles driven and
commuting miles and you can then elect to deduct the standard mileage rate which is 44.5 cents per mile for business use. If you keep this mileage record or log, you are not required to keep records and receipts of the actual auto expenses.
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#469
shachah (User)
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Re: Out of pocket Business Deductions w/out reciepts 2007/02/10 13:05 Karma: 0  
OK, well thats sort of what i was expecting. Thanks for your help.

God Bless
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