All Forum Posts by: Tony Tibbar

@Eamonn McElroy

Thanks for the all inclusive answer!

Currently mileage is 58ct/mile.


A] Does that include everything (gas, repairs, etc)?
B] Does the LLC need to own the truck to deduct this expense?
--- If not who deducts the mileage?
------ B1] The LLC (and passes it on to the owner)?
------ B2] Always the LLC?
------ B3] IRS doesn't care?
C] What sort of proof does the IRS require? How do I prove I drove a total of a1000 miles last year for the LLC?
D] Is there some sort of (extra) mileage for a trailer? We have a trailer but that's not strickly for LLC use and not bought with LLC funds?

We, the LLC, want to keep things as simple as possible. We both use our own truck and drive the same amount of miles on average. So there isn't any need to split things. We want to keep all funds in the LLC bankaccount and only take out our wages.

Thanks for the answer!

It was as I expected, but I was hoping for legal loophole to make little extra :-)

Is there any difference in taxes if I report $20k net profit made with:

a] 100% personal cash (savings)

b] 75% borrowed and 25% personal cash?