Top 2 Missed Business Tax Deductions
Every year at tax time I find many small businesses overlook these two super easy deductions!
Yup, currently in 2017 you can deduct 53.5 a mile for Business mileage. Click HERE to find current rates.
What is Business Mileage?
Driving to post office to check your business post office box, or to ship something business related. Mileage to the office supply store to pick up office supplies, mileage to deposit money in your business account, mileage to meet a client.
… you get the point…
Any mile you drive to do something related to your business is business mileage you can deduct! it is that easy..
The tricky part…
Tracking it! So many people say every January 1st they are going to start today and track but then quickly start forgetting to jot down the mileage before you know it you haven’t logged miles in six months.
My advice to you
Download MileIQ to your phone! It is amazing and pays for itself in just a few drives. It automatically senses when you’re driving and all you do is swipe left for personal and right for business. I have tried many mileage apps over the years this one takes the cake! You can get 20% off HERE!
There is more!
Yes, not only can you deduct business mileage but you can also deduct mileage for CHARITY, MEDICAL & MOVING! (you can check the rates HERE) Rules for the other mileage types will be in future blog posts.
#2 HOME OFFICE DEDUCTION
Do you work from home? If so, chances are you have a space in your home you use an “office” space.
Did you know you can deduct a % of your rent/mortgage interest, utilities, and repairs!?
I have even more details regarding home office deduction in another post HERE
FREE Home Office Deduction Worksheet!
I have included my home office deduction worksheet for you to download HERE