The business mileage deduction can be extremely valuable. For example, if you use the standard mileage method to calculate your deduction, you can deduct the 2015 mileage rate of 57.5 cents for each business mile you drive during the year. That means you get a $575 deduction for every 1,000 business miles you drive. But you can’t just get that deduction without proof and a recent ruling said weekly mileage logs may be required.
Sooner or later, most business owners need to hire people to help them. You must obey federal and state tax and labor laws whenever you hire a helper. Let’s discuss the ramifications of hiring employees or independent contractors.
Do you have to dress nice for work? Wouldn’t it be nice if you could deduct the cost of clothing? Unfortunately, most people can’t. The IRS says you can deduct the cost of clothing only if:
- it is essential for your business
- it is not suitable for ordinary street wear, and
- you don’t wear the clothing outside of business.
You’re out there on the road, somewhere between a sales call and a pit stop. Driving while you work, working while you drive. It’s not easy but someone’s got to do it. To make the miles tick by a little more smoothly, we’ve collected an assortment of amazing gadgets that’ll keep you happy, productive and safe as you travel to drive your business from one success to the next. Enjoy!