Know These Four Magic Business Mileage Rules
When you know the rules related to business mileage, you
- protect yourself in the event of an IRS audit, and
- pay less tax.
Take Henry, for example. Before he knew the mileage rules, he deducted 30 percent of his SUV’s cost. Once he learned the rules, he deducted 92 percent.
Or look at poor Mark—he lost almost all his vehicle deductions in an IRS audit.
Be like Henry. Here’s how.
- Know the business mileage rules
- Document your mileage
- Create an administrative office for your business in your home
If you have questions about your business vehicle, please don’t hesitate to call me on my direct line at 408-778-9651.
By Leon Clinton