Is a deduction on my personal 1040 limited to amounts over 2% of personal income as suggested by TaxGuyBill? If we claim the deduction on the 1120, must the corporation show a check or other receipt for the payment. The corporation may not have adequate cash here at year's end, to pay for all mileage accrued over the year. Can the corporation offer me something like a debut memo or an IOU, in the short term. The corporation operates on a "cash" basis.
