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1) Calulate my vehicle expense at .37 per mile for milage created traveling to client offices.

Q) If I do this, my vehicle expenses obviously are greater than the gasoline receipts. How does this work come tax time?

You deduct the 37 cents per business mile and ignore the gasoline receipts.

2) Calculate vehicle expenses based directly on gasoline receipts.

Q) How do I differentiate between personal vehicle usage, and business usage if I just attach all of my gas receipts?

Either way, you need to keep track of your business mileage and total mileage during the year. If you want to use actual expenses, you need to keep track of ALL of your gasoline, oil changes, maintenace, insurance, repairs, and other car related expenses during the year. Then you total those up and apply the business use percentage from your mileage figures.

You might also want to post this over on the Tax Strategies board. There are several tax pros who respond to posts on that board.

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