Do you need odometer reading for taxes

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do you need odometer reading for taxes

readings or just total daily business miles to claim on taxes. I #39;m being audited next - Answered by a verified Tax Professional We use cookies to give you the best possible experience on our website. There is one exception to the general rule that you dont need odometer readings: You should make a note (or picture) of your odometer reading on January 1 and December 31 each year. This way youll know the total number of miles you drove your car during the year. Youll need this information to figure your mileage deduction. Do i need to provide odometer readings or just total daily IRS Reporting Requirements for Mileage Deduction Is the full odometer reading legally required for irs tax To write off mileage for my taxes, do I need to record sales management dashboard I do record the yearly beginning/ending mileage because you are asked for that odometer reading on the tax form; however, I use MapQuest to lay out my shops. I do a roundtrip in MapQuest and that s my mileage. To write off mileage for my taxes, do I need to record odometer readings or simply compute miles travelled between 2 or more points? For the last several years, the IRS has requested that you compute your total miles either by adding up all the individual trips or by subtracting the beginning mileage from the ending mileage on the odometer.
  • What if I do not know my beginning odometer reading
  • (The IRS wants some real numbers, not just a vague guess of the total.). Document daily as you drive, the trick to being able to prove your deduction is to write down the miles you drive for business as you drive them, otherwise its a tough challenge do you need odometer reading for taxes to convincingly recreate history after the fact.
  • The best source for a starting odometer is to estimate it from an oil change receipt or other service receipt which usually contains an odometer reading for that point in time. You should consult with your tax professional to see how this applies to your specific tax circumstances. What Records Do You Need to Claim a Vehicle Mileage Deduction? Two repair receipts or other documents with odometer readings, one near the first of the year and one from near the end of the year, would be needed as verification of the total miles driven.
  • TaxAudit Blog What Records Do You Need to Claim
  • I work for Dr Pepper/7up and I use my own car for work during the day, would I be able to claim anything on my taxes? All these templates were created long before GPS was widely available. youve got a deduction. How many miles did you drive from business destination to destination?

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2017 Odometer readings

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