You have no choice if you want to deduct the business use of vehicles.
You are face-to-face with the IRS’s business and personal mileage rules. And you face the same mileage rules regardless of how you operate your business (as a corporation, proprietorship, or partnership).
You find the basic mileage rules in Revenue Ruling 99-7, which pretty much controls whether your trip from home to a location is going to be a business or personal trip.
As a business owner, you want maximum business mileage so as to create the most deductions for you whether you drive one, two, or three vehicles for business.
But you want only legitimate miles. You don’t want to put the IRS in a position where it has to deny your business mileage because you violated the mileage rules.
Mileage violations can make you look like a tax cheat. If the IRS thinks you cheat on your taxes, it is going to open you up for a full-blown examination.
In this article (part 1 in a series on business mileage), you learn how to use the IRS rules to your advantage so that you increase your percentage of business miles. ... Log in to view full article.
