Posted by Rich[FL] on February 28, 2005 at 20:19:49:
I certainly deduct the mileage with my LLC. Actually, I tally the mileage each month and submit a “bill” to the LLC. The LLC will either pay me (expense to the LLC, “free” income to me) or it’ll be added as an expense to the LLC with an increase to the paid-in capital account for the members.
My accountant agrees with the way I’ve set this up.
So far so good. However, keep in mind that if you don’t own anything or never buy anything during the year, you may have a hard time justifying the deduction to the IRS if an audit pops up.
Hope this helps.
Rich