If you claim your business miles at the IRS optional rate, and are now being audited by the IRS for your business mileage, they may request odometer readings for your vehicle. Your next questions:
The tax code is very clear about this and the answer is yes. The IRS, in its Internal Revenue Manual has precise steps that examiners must take when looking at business miles. The bottom line here is that once you get the letter from the taxing authority don't go at it alone.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances. AuthorKeana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients. |