Keep in mind that one of the biggest deductions that you can take off your small business income is your business miles.
Hopefully, you kept a good business mileage log.
If not…now’s as good as any time to start one.
If you don’t have room in your car for a big notebook or mileage log book or if it keeps ending up in the back seat where the kids or grandkids can step on it or use it for a coloring book.
Get yourself one of those little planners–you know–the ones that look like a checkbook.
Keep it in your center console (if you have one) or in the door or wherever you will remember to pick it up and write down your mileage EVERY TIME you get in your car to go do business stuff:)
While you have that planner out make sure you write down the following in that little date box:
- Starting odometer reading
- Where and why you’re going
If you forget to write down your ending odometer reading…it’s okay because you can look up the mileage from point A to point B on MapQuest and then figure your ending odometer reading from it later.
Start today taking advantage of this great deduction and don’t just wing it thinking you can always make up a business mileage log later if you ever have to…it’s a nightmare!
See this page for a free mileage log sheet and what you must have on your business mileage log to make Uncle Sam happy: Business Mileage Log