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.
Track business use of your personal vehicle.
The Business Manual for Owner-Operators
Overdrive editors and ATBS present the industry’s best manual for prospective and committed owner-operators. You’ll find exceptional depth on many issues in the 2022 edition of Partners in Business.Download