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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16580
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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100% business vehicle expense record keeping I used the

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100% business vehicle expense record keeping

I used the company name to leased a Chevy Volt. The purpose of the vehicle is 100% for business use only. It's for traveling from and to vendors, job sites etc. Do I still need to keep trip records like I normally do with "personal vehicle for business use"?

The reason I want to dedicate a vehicle for business use is so that i can expense all the "actual expense", repair, maintence, gas, etc without having to do all the recording keeping down to the trip level.
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

Thank you for your question, and thanks for using Unfortunately, you still need to keep a mileage log to prove that all of your mileage is for business purposes. Without a log, the IRS would have no way to substantiate that the car was used for business purposes. What I do is keep a little pocket calendar organizer in the glovebox of my car, and jot down the business miles each day that I drive, that way I don't forget. You can even jot down how much you spend on gas and maintenance inside that booklet so that you have that information in case you lose your receipt.

At the end of the year, then calculate your deduction using actual expense and standard mileage. You may find that you get a larger deduction with standard mileage.

You can CLICK HERE to read more about this topic. The mileage log is just there to prove that you used the car 100% for business.

Please let me know if you need anything additional. Thanks for using and have a happy, and safe, holiday season.

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You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.

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