The IRS says that to deduct your mileage as a business expense on your tax return you must keep a record of your business trips during the year and the total miles your drive. This is often used for the mileage deduction for business use of a personal car. But, what happens if you use your business car only for work purposes? Do you still need a mileage log?
Staying on top of you taxes is an underappreciated aspect of successful self-employed people. Even if your tax professional handles this for you, it’s important to know the important tax dates and deadlines for 2017.
A write-off, or a tax deduction, can be quite useful for taxpayers of all kinds. It’s particularly handy for those who are self-employed, including small business owners. How does a write-off work? Let’s go over what it is, as well as some tips on how to lower your taxable income.