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Sign into your accountFacts and Myths About the Mileage Deduction
January 23 2017
The mileage deduction is a great way to save on your tax bill. But there are some misconceptions about this valuable deduction. Let's go over some facts and myths about the mileage deduction.
Myth: You Need an Odometer Reading for Every Trip
Some believe you need to record your odometer reading for every business mileage trip. But that's not what the IRS requires. When you claim business mileage on taxes, you need total business mileage deduction, commuting and your personal mileage.
Fact: What the IRS Requires When Claiming
When claiming your deduction on IRS 1040 Schedule C, the IRS wants to know your total deduction amount. You'll also have to provide the following answers:
- Date you placed car into service for business purposes
- Total business miles you drove during the year
- Total commuting miles for the year
- Total non-commuting, non-business miles for the year
- Was your vehicle available for personal use during off-duty hours?
- Do you (or your spouse) have another car for personal use?
- Do you have evidence to support your deduction?
- Is your evidence written?