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
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
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
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
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