I run a small 3 member LLC that buys, renovates, & manages rental property. We charge gas to the business credit card for the driving done for the rehab projects. The vehicles are personal. We also buy drive thru lunches for the contractors on the business credit cards and want to count them against the renovation expenses. I have a few questions regarding tax time & record keeping.
1. Do I need to keep receipts (scans or paper) for gas if they show up on the company credit card transactions? 2. Do I need to keep receipts (scans or paper) for the drive through food we buy for the contractors on the projects if it shows up on the company credit card transactions? 3. If I'm charging gas to the business card, can I deduct that come tax time? 4. How does mileage fit into all this? I use QBO to track mileage, can I deduct that as well for my personal vehicle if I'm using the business accounts to pay for gas used for business operations