With gas prices quickly approaching $4.00 a gallon, it's important to keep your fuel and transportation costs down, and take advantage of any tax deductions related to driving that you can. This includes logging every mile you drive for business, medical or charitable purposes. The 2008 Business Mileage Deduction rate is now at an astounding 50.5 cents per mile, which can drastically help offset the amount you pay for business related travel. (see the other current deduction rates in the sidebar) To help recover some of the costs associated with doing business, we first researched, then purchased and installed an automatic mileage logging device. The business miles are already adding up quickly, and we'll now be able to recoup 100% of the miles driven for business without all of the hassles involved in manually logging odometer readings, start and end times, etc. or forgetting to log a trip thanks to this device.
Since our Mileage Logger was installed at the beginning of the month, we have logged 431 miles on the vehicle, of which 366 miles were business related. At 50.5 cents per mile being reimbursable per the 2008 IRS rate, that comes to $184.83 in just a two week period! If you drive a lot for your business, the Mileage Logger automates tracking your mileage. All you have to do is log into the secure servers and designate which trips were business, personal, etc. A fully IRS compliant mileage log is then available for you to download, or export into your financial software anytime. The device is likely tax deductible (consult your tax professional) and it will pay for itself in convenience alone!
CLICK HERE TO ORDER YOURS
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment