In this week’s Ask the Tax Expert, a budding beekeeper asks questions about which drives are deductible. While your business may not be as buzzing, read on for some applicable tips for small business owners.
Tags: Ask the Tax Expert
In this week’s Ask the Tax Expert, we learn what happens when you drive a personal car for work but don’t receive a mileage reimbursement. Learn about how you can still receive tax relief if you don’t get a mileage reimbursement.
Q. I’ve had the same job for 20 years. I deduct the same business miles every year but now, the IRS is questioning my miles. I had heard that the IRS offers a 10% or $5,000 leeway on these types of deductions—is this true? Can I estimate mileage deduction as long as it’s close?
Q. If we bought a home where my Mom lives and hire her as our agent and property manager, will our visits to see her be deductible? Of course, there would be plenty of personal reasons for these trips. But, could we still deduct things like flight costs, car rentals, some meals? Can you mix a business trip with personal time and still write it off?