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Choosing a Good Book
With 100s and thousands of books available on business topic, how do you choose a good book that you want to purchase or read? If you narrow down your choice to a particular book you will still need to decide if it is worth, - spending the money to...
DON'T Give Your Customers What They Want!
One of the mantras we hear repeatedly in business is "The customer is always right." I'm here to tell you that if you want to build a thriving business you need to forget that saying, and take note of Payne's Law #1 "The customer is always right-...
How To Find the Best Merchant Account For Your Business
What a great idea! Start accepting credit cards and watch your profits soar. Nothing could be simpler. Or so you thought until you began researching merchant accounts. It can all get extremely confusing. There is an easy way to find the best deal...
How to Work From Home and Enjoy Life
How would you like to have at least an extra hour in your day just for yourself so that you can have more fun? When you work from home there can be a tendency to work longer hours due to the flexibility that you have.
If you work from home,...
The Growing Trend in Business Networking
A Review of "The Five Keys To Building Business Relationships Online" If you are a practitioner of business networking, you know that you can only connect with so many people at each event. But, what if you had the opportunity to connect...
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How To Drive The IRS Crazy
Looking for an easy way to increase your business
deductions? Look no further than your driveway.
First, the general rule: your vehicle is deductible to
the extent you use it for business.
So, if you drive your car 100% for business, all car-
related expenses are deductible.
But if you use it less than 100% for business, do not
despair. Less-than-100% use is very typical among
small business owners and the self-employed -- you'll
still come out way ahead by keeping good vehicle
expense records.
For example, if you drive your car 75% for business,
then you get to deduct 75% of your vehicle expenses.
Now to the fun part.
There are two methods for reporting your car expenses:
1. Actual Expense Method
2. Mileage Method
With the Actual Expense Method, you have to keep track
of all your vehicle related expenses, such as:
-- gasoline
-- oil
-- maintenance & repairs
-- insurance
-- license & registration
-- wash & wax
-- supplies & equipment
-- depreciation expense (including Section 179 deduction)
-- lease payments
-- loan interest
-- state and local taxes
So you add up all those deductions and multiply the
total by your business use percentage, which is determined
by dividing business miles by total miles driven.
The Mileage Method works like this: instead of tracking
all the actual expenses listed above, you only need the
number of business miles driven, which is multiplied by
the standard mileage rate published each year by the IRS.
For 2003 the mileage rate is 36 cents per mile.
For 2004 the mileage rate is 37.5 cents per mile.
If you drove your car 10,000 miles in 2003, your deduction
is $3,600 -- regardless of what your actual expenses might
have been.
NOTE: There are 2 actual expenses that are also deductible
under the Mileage Method -- interest and taxes.
Now for the obvious question:
Which method is better?
Well, here's how I look at it. If you want to get the
highest deduction, you should "run the numbers" under
both methods and then use whichever method results in
the higher deduction.
You are allowed to pick whichever method you want.
But once you pick a method, be careful to follow the rules
on "switching" from one method to the other: You can
switch from the Mileage Method to the Actual Method,
but generally are not allowed to switch from the Actual
Method to the Mileage Method.
Having said that, let's be practical. If you hate
recordkeeping, use the Mileage Method. It's much simpler
and faster. You won't have to keep all those receipts.
Even the Mileage Method requires some recordkeeping,
however. You should keep a log that documents the business
use of the vehicle. Here are 3 IRS-approved car logs:
1. Daily Log. Yep, you just record all business miles for
all 365 days of the year.
2. 90-Day Log. Here's a little-known rule -- instead of
keeping mileage records for the entire year, you can get by
with just a representative portion of the year -- and a
90-day period is considered an adequate representation
of the entire year.
So you would keep a Daily Log for a 3-month period, say
January through March. To get your annual mileage total, you
multiply the 3-month total by 4.
3. One-week Log. Here's another short-cut: The IRS also
allows you to keep a log for just the first week of each
month. Then you multiply that week's mileage by 4 to get the
monthly total.
Regardless of which method you use, there's a goldmine of
deductions sitting right there in the garage.
About the Author
Wayne M. Davies is author of 3 tax-slashing eBooks for
the self-employed, available separately or as a 3-volume
set, "The Ultimate Small Business Tax Reduction Guide".
http://www.YouSaveOnTaxes.com/ultimate-guide
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