Dear Taxman – I use my car in my business occasionally. I have paid for all my gas with my debit card so I have a record of how much gas I purchase. Is there anything else I need to do to deduct my auto through my business?
Dear Reader – The record of all your gas purchases is good, but it only shows how much gas you purchase. You still need to keep track of your auto mileage to prove what portion of the gas was for business versus personal. A written record is best if kept on a daily basis. I use a small weekly planner to track my business travel. I leave it on the seat in my car to make it convenient to use.
“Ask The Taxman” originally appeared as a column in The Brunswick Citizen. All responses are written by Jim George, CPA. If you have a question for a CPA, contact us!