Tags: Mileage Deduction

How To Safely Track Mileage for Work

How To Safely Track Mileage for Work

If you’re planning to take a mileage deduction, tracking mileage for work must become a part of your routine. It’s easy to fall into the trap of jotting something down while in traffic or ...Read more

Mileage Deduction Rules: Calculating Miles For Taxes

Mileage Deduction Rules: Calculating Miles For Taxes

The mileage deduction is a great way to save on your tax bill. But there are some misconceptions about this valuable deduction. Let's go over the mileage deduction rules, as well as some facts and ...Read more

IRS Announces Mileage Rate for 2016

IRS Announces Mileage Rate for 2016

The IRS has announced the standard mileage rate for 2016. The mileage rate 2016 for business driving will be 54 cents per mile. This is down from 57.5 cents per mile in 2015. ...Read more

Tax Tip Tuesday: The Importance of the Business Mileage Deduction

Tax Tip Tuesday: The Importance of the Business Mileage Deduction

The vast majority of self-employed people are sole proprietors—owners of one-person businesses. In 2012, 23,553,900 sole proprietors filed tax returns. What would you say was the single biggest tax ...Read more

Tax Tip Tuesday: Driving for Charity Can Be Deductible

Tax Tip Tuesday: Driving for Charity Can Be Deductible

Most people know that you can deduct the cost of driving when you are on business (not including commuting from home to work). But most people don’t know that it is also possible to deduct driving ...Read more

Business Driving – Mileage Log = No Deduction

Business Driving – Mileage Log = No Deduction

Two recent Tax Court cases show why it’s so important to keep contemporaneous mileage logs when claiming deductions for business driving. “Contemporaneous” means updated at least weekly. In ...Read more

Deducting Mileage Before You Start Your Business

Deducting Mileage Before You Start Your Business

If you have an existing business, you can take a mileage deduction for the driving you do for the business as a business operating expense. However, you must actually be running a business to qualify ...Read more