Hello CityBidz Pros,
With tax time here I wanted to share some helpful information. Today I’m talking about tracking your business mileage. If you’re not already doing so, DO IT! This adds up to real savings from Uncle Sam and the beginning of the year is the best time to start.
According to IRS.gov the current mileage deduction is 55.5 cents per mile. NOW, here’s the twist, the mileage rate was increased mid year from 51 cents per mile to the now current 55.5 cents per mile. That means mileage before July 1st is a slightly lower rate.
Reference:
•IRS Mileage Reimbursement Rates
•IRS Milesage Increase
Q) What can I do to keep track of my mileage?
A) Keep a journal. For example, here’s one I recently purchased from Office Max.
It’s very straightforward and easy to use. Put it in your glove box for quick access.
Happy Bidding!
Jason
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