morning everybody
CPA Steve from the Tattoo Tax Guys
hope everybody’s doing well
yeah this one’s gonna be short and sweet today
we just wanna kinda talk
about DOCUMENTATION REGARDING MILEAGE
okay so this is gonna apply
no matter which mileage method you’re taking
if you’re taking the ACTUAL method
deducting the actual expenses
associated with your business vehicle
or if you’re taking the MILEAGE method
where you’re basically just getting that 67 cents a mile
for the business mileage that you
that you incurred throughout the year
so in either those scenarios
whichever way you’re going about it
documentation of the mileage is critical okay
both from a business mileage
as well as your personal mileage
and these are used for different calculations
we have to do at the end of the year
to determine what % is gonna be business
versus personal use
so rather it be a
a handwritten log you know
something you jot down every time you get in the car
you drive business or you drive personal
or it’s on one of those electronic things
like the Miles IQ or something where you can literally
it just tracks you everywhere you’re going
you can go once a week
and just swipe
swipe left or swipe right
depending if it’s business or personal
either way is completely fine
it really is just whatever makes you feel more comfortable
and whichever is better works for you
but the key is just ensuring that
you have that documentation about the mileage
no matter which way you’re doing
the mileage or the actual
okay so hopefully this helps
hope everybody has a great
safe day talk to you later