| Nadine, When a car is leased by a company, and used by an officer, or employee, of that company, a detailed log must be kept, with odometer readings, for a deduction to be made for a portion of the lease cost, and maintenance. Only the costs for the miles that can be proven, to the satisfaction of the IRS, to be incurred in business activities, can be used for tax deductions. Before the tax return is completed, a percentage of the business miles, as opposed to personal miles, is determined from these logs. If anyone is caught falsifying these logs, and many have, the penalties are severe, and scare a CPA to death. ~H~ |
