I haven't read the tax laws on vehicle usage for years but in pricipal: If you use your own vehicle for company business and you're reimbursed by your employer it's a wash and no income is incurred and no deduction allowed. (Incidentally, the employer takes the deduction as a part of doing business.) If the vehicle is used in your own business part time and personal business part time you can deduct the portion used for business purpose but you must maintain a log of miles driven and the purpose. You then have the choice to take the standard mileage deduction or maintain expense records and prorate the amount used for business miles. The most important thing is record, record and record.
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Today's Featured Article - New Life for an Old Allis - by Tyler Woods. My friend Jon, has an old '39 Allis Chalmers B. He thought it a marginal tractor that had long since served its time. She smoked terribly and never had much power but he couldn't afford another so he was limping along with what he had. Jon's Allis has a small front loader and though it doesn't carry much, it serves his needs. It was the hard starting and low power that made him think it was time to replace the old girl. Jon called me to help him discover why his tractor wouldn't start
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