View Full Version : Gas reciepts or mileage expense???

11-20-2004, 10:32 PM
I primary use one truck for my personal and business use. When doing business is it better to keep gas reciepts for all the gas or just keep up with the mileage for every job.
I currently keep up with the mileage for every job as an $.36 a mile expense instead of gas reciepts.

What's the best method to use??

11-20-2004, 11:20 PM
How about both?


11-20-2004, 11:42 PM
You need to figure which one's more, your actual expenses or using the mileage rate , and deduct whichever's more. For my old paid-off Toyota its not even close so I use the mileage rate. Also, you're limited to one vehicle on which you can use the mileage rate.
Just be sure to try to maintain a written log of what miles are for business use and what for personal personal use. When I go to the gas station I first fill the gas cans that I use for the mower- & keep a log of that amount because its deductible as "Supplies" on your schedule c.

11-21-2004, 12:10 AM
I keep just gas reciepts for my mowers, edgers etc. and my dump truck. If the dump truck starts it's all business. I don't keep mileage on it, should I?

Keeping records, reciepts, bills, payments, etc. etc. etc. is an account job by itself, it sucks. I just want to get my hands dirty and work like a mule. :blob4:

11-21-2004, 12:11 AM
I keep both as well.

11-21-2004, 08:50 AM
I keep reciepts but mower and truck separately so I know for sure how much I'm spending on each. It helps in figureing out cost per month,week,day,year. I could be wrong but I think if you start doing it one way then you have to keep doing the same. To those that are not keeping good record, you may want to reconsider. Doing books is a PITA but it's not bad if you keep up with it. Sorting reciepts for 1 week sucks, for a month it's hatefull, for a year it's sicking, for 7 years it may have you puting a gun to your head. Quick Books Pro take some of the sting out of it. By the way I can tell you how much I spend at any gas station, Gal./ dollars, on any day in 30 seconds. Not that you care or that it matters but when you manage a business you should manage it all and not have to waste time chasing it down.

11-21-2004, 09:01 AM
I could be wrong but I think its .375 a mile. Any way to save more money at tax time.

11-21-2004, 09:35 AM
Keep them both,better to have enough info then not enough...

11-21-2004, 11:09 AM
FYI..........Did you guys notice the IRS has changed the standard mile deduction to $0.40 because of the higher average gas costs.

11-21-2004, 12:26 PM
Very good information, thanks, I'm definetly going to keep them seperate to manage expenses and cost per machine aspect.
I'm glad to see the mileage at 0.40 :blob3:

Thanks, guys

11-21-2004, 09:15 PM
I use Turbo Tax to do my year end and enter mileage and gas (equip is
seperate) and the program calculates which is best to use.
Mileage worked for me last year.

11-21-2004, 09:43 PM
I like the idea of using Turbo Tax for an accounting software. I will check into that, thanks for the advice.

11-23-2004, 02:11 AM
Bulk tanks here so I just use those reciepts


11-23-2004, 07:52 AM
I use Turbo Tax to do my year end and enter mileage and gas (equip is
seperate) and the program calculates which is best to use.
Mileage worked for me last year.

My understanding is what ever method you choose [mileage or actual costs]you have to stick with that method for the duration. Either way you need to keep receipts and a log to support your numbers submitted.