🚗 Tax Deduction Spotlight: Business Mileage – Are You Maximizing Your Savings?
If you drive for business, you could be missing out on a valuable tax deduction! Whether you’re meeting clients, running errands for your business, or traveling for work-related purposes, tracking your mileage properly can help you lower your taxable income and keep more money in your pocket.
💡 What Mileage Is Deductible?
Not every mile you drive qualifies for a tax deduction. Here’s a quick breakdown:
✅ Deductible Business Mileage:
✔️ Driving to client meetings or job sites
✔️ Traveling to business conferences, trade shows, or networking events
✔️ Driving to pick up supplies, inventory, or equipment
✔️ Business-related trips to the bank, post office, or vendor locations
❌ Non-Deductible Mileage:
❌ Commuting to and from your regular workplace
❌ Personal errands or trips unrelated to business
❌ Driving from home to your office (unless you qualify for a home office deduction)
📊 How to Track Your Mileage Correctly
To claim the mileage deduction, the IRS requires you to keep detailed records. Here’s what you need to log:
📝 Date of the trip
📍 Start and end locations
📅 Purpose of the trip
🚗 Total miles driven
💡 Pro Tip: Use a mileage tracking app like MileIQ, Everlance, or QuickBooks Self-Employed to automate tracking and keep accurate records!
💰 Standard Mileage Rate vs. Actual Expenses
You can deduct mileage in two ways:
1️⃣ Standard Mileage Rate:
- For 2024, the IRS standard mileage rate is 67 cents per mile. 🚗
- Simple and easy—just track your business miles and multiply by the rate!
2️⃣ Actual Expense Method:
- Deduct gas, maintenance, insurance, and depreciation
- Requires detailed records and receipts for all vehicle expenses
Which is better? It depends on how much you drive and your actual car expenses. Let’s chat to find out which method saves you the most money!
🚀 Make Sure You’re Tracking Every Deductible Mile!
Every mile adds up—and that means more tax savings for you. Don’t leave money on the table!
📩 Need help tracking your mileage or maximizing your deductions? Let’s chat!
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