Using percentage of cost as expense?

[Mike or Penny Novack]

On 2/19/2015 1:38 PM, Alice Lee wrote:
> Is the paperwork for the government just estimated tax?  Is this your first
> year in business?  I am asking because actual expenses may not be your best
> tax deduction and, even if it is, you still need to keep a mileage log.
Perhaps as much to the point, WHY? You aren't filing taxes on a daily 
basis, are you.

There are LOTS of things you will be doing at the end of your fiscal 
period adjusting things that will result in deductible expenses. For 
example, one of the big chunks of expense of this car is going to be 
depreciation of the car, yes? I would think you could just as well go 
through the year accumulating car expenses and at the end ONE 
transaction splitting between deductible (business) and non-deductible 
(personal).

As some people have already noted, your 90/10 policy might not fit 
everything and that could be in both directions. Sorry, but the adapter 
allowing the child seat to be fastened, I think that would be 0/100 
unless you could show a business need to have the child along. On the 
other hand, those magnetic door signs would be 100/0 as I can't see any 
personal benefit form having your business advertised on your car.

Michael D Novack