Ownersite Technologies reminds drivers who are preparing their 2005 tax returns that certain vehicle expenses can be deducted if the vehicle was used for business purposes.
Roswell, GA (PRWEB) February 26, 2006 -- Ownersite Technologies reminds drivers who are preparing their 2005 tax returns that certain vehicle expenses can be deducted if the vehicle was used for business purposes.
According to the Internal Revenue Service, expenses can include gas, repairs, oil changes, tires, lease payments, registration fees, insurance, depreciation, licenses, garage rent, tolls and parking fees. They can also include mileage logged while traveling from one workplace to another, making business trips to visit customers or attend business meetings away from your regular or workplace or going to temporary workplaces.
The IRS further clarifies that, “to claim the deduction, keep adequate records such as a written travel log with complete and accurate mileage records for each business use of your car. If you are unable to produce a clear and accurate business mileage record, the IRS may disallow the deduction.”
Traditional methods of record keeping such as notebooks and quickly scribbled mileage numbers may not be sufficient evidence to support your claim. Ownersite Technologies offers an alternative to drivers struggling to maintain accurate records of vehicle usage, maintenance and expenses.
“We have seen a strong demand from small business owners and business travelers looking to formalize their record-keeping for tax purposes,” says Ownersite’s Founder and CEO, Steve Eppinger. “Ownersite’s intuitive interface makes it very easy to quickly record business trip information, as well as maintenance and expense records whether you are connecting from home, the office or anywhere on the road.”
Launched in 2001 and named an 'Incredibly Useful Site' by Yahoo! Internet Life, Ownersite.com is geared toward enhancing the vehicle ownership experience by increasing the safety, reliability and value of all of our members' vehicles. Ownersite.com provides our subscribers with comprehensive expense and maintenance tracking, service reminders, fuel economy reporting tools, recall alerts, TSB summaries and more. Ownersite.com also provides a repository for frequently accessed important vehicle information like insurance, warranties and trip logs, as well as direct access to useful and money-saving preventive maintenance articles from the Car Care Council.
“I advise all of my clients to keep accurate records to support their deductions,” said Mike Grobman, a CPA in Atlanta, GA who specializes in supporting small business owners. “Unclaimed or under-claimed deductions represent a real net loss to these businesses or individuals but without the proper documentation, I cannot advise them on how to best maximize their return. The reports generated by Ownersite.com provide a solid paper trail from which to calculate deduction claims.”
About Ownersite Technologies
Ownersite Technologies is a privately-held technology based company in the Atlanta suburb of Roswell, GA. Founded in 2000, Ownersite Technologies develops and markets software and CRM oriented tools for Consumers, Credit Unions, Financial Service Providers, Automotive Service Providers, Fleet Managers and Auto Enthusiast Publications. They can be found online at www.ownersite.com.
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