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The Standard Mileage Rate is only available to Individuals, not Partnerships or Corporations.
So, if my wife and I kept our mileage records last year to deduct it like a standard mileage deduction, how can we do take that deduction, if we are the owners of an LLC. We tracked our mileage on our personal cars that we used for business, assuming that we could use the standard mileage deduction. Apparently, there is no standard mileage deduction option for an LLC. Is there still any way to deduct that mileage? It was a legitimate business expense. Can we just deduct it on our personal return as unreimbursed mileage?
Yes, this is a business expense deducted on your Schedule C. I assume you are not incorporated and not an S-Corp. Use the search in the upper right hand corner and search mileage or Schedule C.
@mly2000 wrote:So, if my wife and I kept our mileage records last year to deduct it like a standard mileage deduction, how can we do take that deduction, if we are the owners of an LLC.
Is this on a Partnership return (Form 1065)?
Does the Partnership Agreement state that you must pay for those expenses?
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