Keeping Track of Those Miles Pays
Are you a business owner that drives a lot of miles for your business? Keeping track of the miles you drive can result in a substantial tax deduction. For 2019 the federal per mile deduction is $0.58 per mile.
Examples of businesses that rack up those miles are service businesses, like real estate agents, and businesses that make deliveries, like florists. For example, driving 20,000 per year making deliveries would result in a tax deduction of $11,600.
And, there are a number of smart phone apps that make tracking mileage easier for taxpayers.