TAX TIP OF THE DAY... #2 most overlooked deduction for rentals and small business?
#2 answer... MILEAGE deduction.
The mileage deduction is often UNDER UTILIZED. If you are not keeping a mileage log, you are short-changing yourself when you estimate at year-end. Logging every business trip is not much fun. But it is the only way to derive a complete record of business miles.
Remember to include these trips:
1) mileage to your tax appointment
2) mileage to meals & entertainment
3) mileage to investigate potential new business even if unsuccessful
4) mileage to purchase supplies
5) mileage to the airport for business travel
6) mileage to seminars
7) mileage for out-of-area business trips... Phila, NYC, etc.
A simple check is to look over all business deductions claimed. Did you include all mileage related to those deductions?
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If you need a tax appointment... www.baboiancpa.com