May 09th, 2016

TAX TIP OF THE DAY...  standard mileage vs actual expenses
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The standard mileage rate yields the greatest business deduction 90% of the time.  However, the actual expense method may be beneficial in a year that you a) drive a relatively expensive heavy vehicle over 6,000 lbs, b) nearly 100% for business, c) drive relatively few miles, and d) have excessive repairs or other operating costs.  Keep gasoline, insurance, & repair receipts if applicable to your situation.

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If you need tax help... www.baboiancpa.com