Since we didn't start using our car until June, I had no reason to notate what my mileage was on January 1st.
Sometime, service records and oil change records can give you accurate tallies of the total miles drive.
However, if you're using the standard mileage method (54 cent per mile for 2016), a completely accurate total mileage doesn't make a difference in your taxes and shouldn't with the IRS.
The actual expense method is different though. Actual Expenses method of deducting your car for work is based on the expenses you actually incur in the operation of your vehicle. It includes things like:
· gas purchases
· repairs
· oil changes
· tire purchases
· car washes
· insurance
· and even vehicle depreciation
Here, you can only claim the percentage of expenses that apply to the business use of your vehicle. To compute this, you must know how many miles you drove for business purposes and how much you drove total for the year..
Sometime, service records and oil change records can give you accurate tallies of the total miles drive.
However, if you're using the standard mileage method (54 cent per mile for 2016), a completely accurate total mileage doesn't make a difference in your taxes and shouldn't with the IRS.
The actual expense method is different though. Actual Expenses method of deducting your car for work is based on the expenses you actually incur in the operation of your vehicle. It includes things like:
· gas purchases
· repairs
· oil changes
· tire purchases
· car washes
· insurance
· and even vehicle depreciation
Here, you can only claim the percentage of expenses that apply to the business use of your vehicle. To compute this, you must know how many miles you drove for business purposes and how much you drove total for the year..