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Business & farm
Yes, you can deduct business related mileage, and it is very important to keep good records of the mileage. Some people use a paper log/report, others use phone apps. A single member LLC is what's called a disregarded entity by the IRS, unless you did an entity declaration form to be treated differently for tax purposes. Everything will be reported on your individual 1040 using Schedule C. TurboTax will guide you through a bank of questions regarding your vehicle and calculate the best deduction, actual expenses or mileage.
Here's a great resource for buiness use of a vehicle.
Hope this helps!
Cindy
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‎November 13, 2024
11:58 AM
14,482 Views