We are a resale business and were wondering if we can write off the mileage driven to auction and stores to procure the items we sell? And do we get to write the mileage off if we personally delivered an item?
Yes, you can as long as it is incurred to make money.
IRS allows business deductions for ordinary and necessary business expenses.
The standard mileage rate for 2016 is 54 cents a mile.
EDITED to add three pictures to show where to enter the Vehicle expenses.
Last picture is for a 1065 return, first three were for Home & Business.
You click on Federal Taxes, then sub-heading Deductions, then go down the screen to Auto Expenses. I have highlighted the areas in yellow.
Yes, you can as long as it is incurred to make money.
IRS allows business deductions for ordinary and necessary business expenses.
The standard mileage rate for 2016 is 54 cents a mile.
EDITED to add three pictures to show where to enter the Vehicle expenses.
Last picture is for a 1065 return, first three were for Home & Business.
You click on Federal Taxes, then sub-heading Deductions, then go down the screen to Auto Expenses. I have highlighted the areas in yellow.
In the Business section you will see three areas for business expenses: the first one is Business Vehicle Expenses. Let me know if you do not see it yet and I can post a picture for you. thank you .
Thank you but my turbotax business does not look like that
Sorry, are you doing a 1065? 1120? 1120S? I can find that also.
OK give me a moment and I'll put in some pictures for a 1065