Homework SourseIve been using his personal vehicle and his soul proprietors
I’ve been using his personal vehicle and his soul proprietorship keeps no records of any kind regarding his business use of the car doesn’t really know for certain when and where he used automobile which of the following is correct
Ivan should deduct a good faith estimate and his expense for the auto as a business expense or Ivan cannot deduct any vehicle expenses because he has no record of us expense
I’ve been using his personal vehicle and his soul proprietorship keeps no records of any kind regarding his business use of the car doesn’t really know for certain when and where he used automobile which of the following is correct
Ivan should deduct a good faith estimate and his expense for the auto as a business expense or Ivan cannot deduct any vehicle expenses because he has no record of us expense
Ivan should deduct a good faith estimate and his expense for the auto as a business expense or Ivan cannot deduct any vehicle expenses because he has no record of us expense
Solution
Answer\"Ivan cannot deduct any vehicle expenses because he has no record of us expense\"
Why?
Sole proprietorships are often small business in which owner of entity have whole control over all aspects of a company operation. The Return that sole proprietorship earns directly files to the personal income tax return of the owner where he can reduce taxes on business income by deducting tax allowable business-related tax deductions.
-Ivan Must record Log.
- Ivan Can use work-related car expenses calculator to log business related use whichever gives him better result of his choice.
-May change method in next year.
Keeping Log is necessary to claim the expense
