Mileage log required (date, purpose, miles traveled, destination)
You are also required to document your beginning and ending odometer reading for each calendar year.
If you take actual expenses our office will be required to report in the tax software the total auto mileage and total business mileage for each auto. Please provide both of these numbers when submitting your information. You are also required to track beginning and ending odometer readings for each auto for each year.
If you own a business, be sure to register with the county to report Personal Property Tax
The Mortgage Interest deduction is limited as stated above. Our office may request an accounting of how the funds from the mortgage were used and the original mortgage amount. You must supply this information or our firm will be required to disallow the mortgage interest deduction if we cannot determine the funds were spent on allowed expenses.