The Grass Doctor

As a sole proprietor of a lawn mowing business, should I keep actual vehicle expenses on or off the books?

The vehicle is a 2007 pickup in good condition. It is used 90-95% of the time by my son, my only employee, for business use. Since it is all my money, should I use truck payments, insurance, gas etc as business expenses or should I keep those individual expenses off the books and reimburse myself mileage as an expense? This is not a tax question, only a bookkeeping question.

Public Comments

1. everything used for or by a business gets depreciation benefits at least but it is an asset and should be on the books.
2. You would not reimburse yourself mileage as an expense check. Rather you should track you business miles via a mileage log which should include the date, odometer start and end and total miles. Then you would take this as an expense deduction for the total number of business miles for the year. The per mileage deduction this year is 55.5 cents per mile which is much more beneficial.