03/26/2022
🚙 Are you an employee running special tasks for your employer? Make sure you are being reimbursed for your mileage. Commuting mileage does not qualify. But as an employee, taking special trips for work and using your vehicle qualifies as a reimbursement of 56 cents per mile for 2021 and 58.5 cents per mile for 2022.
🚗 Are you as the business owner or partner, using your personal vehicle for your business? If you are expensing fuel and maintenance costs under your business, that is a big “don’t do” when it comes to personally owned vehicles. You must class those auto expenses as a Mileage Reimbursement. Any overage above your qualified mileage reimbursement value must be classed as an owner draw/distribution. If you aren’t expensing any personal auto under the business, make sure you do a business-use reimbursement for your personal vehicle miles!
Any questions, reply below.