So you wanna know the secret to getting every stinking tax deduction you are entitled to? Rule No. 1. Keep good records. It is as simple as that. Read more »
Woo Hoo, the IRS Increases Mileage Rate
Do you use your car for your business or for work? If you keep good written records, the business use of your car can be a very nice business deduction, unreimbursed employee expense, or your employer may even reimburse you. On January 1, 2011 the optional mileage rate was 51 cents per mile-that's more than a dollar for every 2 miles you drive for business. In recognition of the increase in gas prices, the IRS announced they would increase the optional mileage rate to 55.5 cents per mile on July 1, 2011; normally they only adjust this rate once per year. Read more »
Deducting Business Use Passenger Vehicles
Many business men and women use their own personal car, truck or van for their business. Others have put their personal vehicle in their business’ name. Still others have a fleet of passenger vehicles for the use of their business. Passenger vehicles are listed property which requires special documentation of [...] Read more »