Track business use of your personal vehicle.

Aug 29, 2012

To deduct this expense, record the cost of the car, the date you started using it for business, and the total miles for the year. For each business trip, such as to the bank, record the date, mileage, destination and purpose. This information can be kept in a notebook you carry in the vehicle so that you can have it ready for your business services provider at the end of the year.

Third-generation owner-operator's beautifully-rebuilt 1990 Kenworth W900L

After the truck was retired about three years ago, owner Joel Anker had it rebuilt into a show truck. The hard work paid off, with a fifth-place finish in the Limited Mileage -- Bobtail with Miles class at MATS in March.

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