2022 – 07/15 To help defray the sky-high cost of gas, taxpayers who use their vehicles for business saw the standard mileage rate rise on July 1, from 58.5 cents to 62.5 cents. But you could lose that tax benefit if you neglect to keep good records as you go. In one case, a consultant and his wife’s estate were denied a business mileage deduction for his consulting activities. The taxpayers provided mileage logs and calendars showing purported dates of business use of a vehicle. But the records weren’t kept contemporaneously and lacked sufficient detail. Records need to include trip dates and destination, the number of days spent on business and the business purpose of each trip. (TC Memo 2022-70)
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