AccountingBLOCK - Accounting Forums - View Single Post - How to keep track of a sole proprietorship?

Charly · 04-23-2008, 12:32 PM

You should also decide on using 'actual expense' or 'standard mileage rate expense'. actual = you deduct gas, repairs, depreciation, etc. (65% in your case). standard = 50.5 cents/mile for 2008, must keep log of miles driven, but then pay all gas, repairs, etc. out of your personal account.

Cy

04-23-2008, 12:32 PM	#3 (permalink)
Charly Status: Getting feet wet Join Date: Mar 2008 Posts: 39	You should also decide on using 'actual expense' or 'standard mileage rate expense'. actual = you deduct gas, repairs, depreciation, etc. (65% in your case). standard = 50.5 cents/mile for 2008, must keep log of miles driven, but then pay all gas, repairs, etc. out of your personal account. Cy