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1st of January

By Maesz

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.

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About Maesz

Glenna Mae Hendricks. She is an entrepreneur and income tax consultant, so we get lots of good tax tips from her. She is an oenophile (“look that up in your Funk and Wagnall’s,” she says), and a wine enjoyment teacher/guide who also writes wine notes at the Allen’s Retail Liquors site. Her political thoughts (and occasional outbursts of domesticity) appear at Old Feminist and Wild-eyed Liberal.
  • 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

January 2, 2009 Filed Under: entrepreneurship, finance, tax matters Tagged With: maesz, service businesses

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Comments

  1. Sheryl Schuff, CPA says

    January 2, 2009 at 4:15 pm

    Just a reminder that you have the option to choose between the standard rate and actual expenses, whichever is greater, as long as you use the standard rate for the first tax year that you use your vehicle in business.

    So, if you use actual expenses the first year, you’re stuck with that method for the rest of the time you use that particular vehicle for business.

    If you use the mileage rate the first year, then you’ll be able to switch to actual expenses for any year that gives you a bigger deduction.

  2. Becky McCray says

    January 2, 2009 at 6:47 pm

    Thanks, Sheryl! We can’t have too many reminders of these basics.

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