2 results for tag: Business Mileage
Increase Your Tax Deductions Using the Business-Mileage Rule
Request
Please clarify how to properly record commuting mileage, especially if you do other trips before and after stopping at your regular office.
Response
To record commuting mileage, you simply write in your appointment calendar (or other daily record or digital app):
home to office, 10 miles, commute.
Ugh! We Don’t Like That
We absolutely, positively don’t like commuting mileage. You should dislike it, too. It’s personal. It’s not deductible. But with knowledge, it’s avoidable.
Let’s eliminate commuting and make those trips from your home to your office deductible.
The law gives you two ways to eliminate ...
Know These Four Magic Business Mileage Rules
Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo
When you know the rules related to business mileage, you
Protect yourself in the event of an IRS audit, and
Pay less tax.
Take Henry, for example. Before he knew the mileage rules, he deducted 30 percent of his SUV’s cost. Once he learned the rules, he deducted 92 percent.
Or look at poor Mark; he lost almost all his vehicle deductions in an IRS audit. Be like Henry! Here’s how...
Start with this brief four-question quiz on the mileage rules that apply to your business (regardless of business type).
Quest...
