If you chose the standard mileage rate to deduct your vehicle expenses for your business use, NOW–right now–is the time to record your odometer reading.
You will want to have total miles driven for the year and miles driven for business purposes. Business miles will, of course, come from your record of business usage of your vehicle.
2008 Standard Mileage Rate for business use is $0.505 (that is 50.5 cents) deduction per business mile driven.
- Four Things to Know about Taxes and Starting a Business - November 14, 2017
- You probably should be making estimated tax payments to the IRS - November 7, 2017
- 2015 Standard Mileage Rates from the IRS - December 23, 2014
- Deducting your home office – webinar Wednesday - September 8, 2014
- Webinars on hiring independent contractors and avoiding common tax mistakes - April 30, 2014
- IRS? There’s an app for that - February 12, 2014
- IRS Tax Calendar for Small Business and Self-Employed - December 31, 2013
- 2014 Standard Mileage Rates for Business, Medical and Moving Announced - December 7, 2013
- Where can you find answers on the Affordable Care Act? The IRS - August 21, 2013
- Avoiding the Top Tax Mistakes - June 13, 2013