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How do you all handle claiming vehicle expenses, mileage, etc. with the IRS?
We’ve been paying a flat rate per mile to employees where called for and charging it off as an expense.
For our own vehicle we’ve also taken the IRS mileage allowance. Is it better to expense everything and depreciate the vehicle? Do you all maintain daily logs for mileage?
I’m looking for the most return from the IRS with the least amount of paperwork – if that’s possible.
What’s your experience?
Cliff.
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Replies
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Cliff,
Here is a recent discussion on nearly the same question:
< Obsolete Link > one ...on the mountain "Tax Treatment of Vehicles in Sole Proprietorship" 10/25/01 7:59pm
Rich Beckman
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How do you all handle claiming vehicle expenses, mileage, etc. with the IRS?
We've been paying a flat rate per mile to employees where called for and charging it off as an expense.
For our own vehicle we've also taken the IRS mileage allowance. Is it better to expense everything and depreciate the vehicle? Do you all maintain daily logs for mileage?
I'm looking for the most return from the IRS with the least amount of paperwork - if that's possible.
What's your experience?
Cliff.