Common Question Wednesday

[Ronnice T.]

Ever hang up the phone and think of one more question? Or worry that maybe it's a dumb question? Or maybe it's something that you never even thought about. As bookkeepers for real estate agents, here are a couple of questions that we get frequently:

Can I just estimate my business mileage? or Tracking my mileage is a hassle. Am I a fool not taking the mileage expense?

While there are exceptions, we typically advise our clients to track their mileage. The IRS requires a very detailed mileage log, so if you are ever audited, you run the risk of losing your mileage expense if you simply estimate. There are some great mileage tracking apps out there that make it easy. 

Any other questions that come to mind?