Small Biz Owners Often Overlook This Important Deduction
"The main thing the IRS will want to see in supporting this deduction is your mileage log," says NASE National Tax Advisor Keith Hall. "You must keep track of the miles you drive for business, whether it’s on your computer or handwritten in a notebook."
The NASE iPhone application TripAlly tracks, calculates and records miles driven to create the ultimate tax-deduction mileage log. Whether you need to track miles for your small business, charitable contributions, for employee reimbursement, or simply because you want to know, TripAlly can help. Download TripAlly at the iTunes App Store.
Click here for more details on TripAlly. Also check out IRS Publication 463, Travel, Entertainment, Gift and Car Expenses for more detail.
About the NASE The National Association for the Self-Employed (NASE) is the nation's leading resource for the self-employed and micro-businesses, bringing a broad range of benefits to help entrepreneurs succeed and to drive the continued growth of this vital segment of the American economy. The NASE is a 501(c) (6) nonprofit organization and provides big-business advantages to hundreds of thousands of micro-businesses across the United States. For more information, visit the association's Web site at www.NASE.org.
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Courtesy of NASE.org https://www.nase.org/about-us/media-relations/PressReleases/2011/03/02/Tax_Time_Deducting_The_Business_Use_Of_Your_Automobile