RAM Tax Prep
  • Home
  • About
    • Profile
    • Services
    • Recommendations
  • Resources
    • Tips From Rhonda
    • Newsletters
    • Videos
  • Blog
  • Contact

Be Tax Advantageous
​BLOG​

AUTOMOBILE | Is your car costing or saving you money?

8/18/2015

 
Picture
Even though we spend so much more time than before online interacting virtually we must get out and about – our customers and clients enjoy seeing us! So owning an automobile of some type is a necessity for business owners. And guess what…

The IRS is giving us a perk, a/k/a deduction. Beginning January 1, 2015, the IRS raised the standard mileage rate for car, van, pickup or panel trucks standard mileage rated from 56 cents to:
  • 57.5 cents /mile for business
  • 23 cents/mile for medical or moving purposes
  • 14 cents/mile in service of charitable organizations

As taxpayers, we have the option of claiming actual mileage or operating costs. Mileage, of course, is the number of mile driven for business, and operating costs can include:
  • Depreciation
  • Insurance
  • Repairs
  • Tires
  • Maintenance
  • Gas
  • Oil

Making the decision, mileage or operating costs, is a discussion to have with your tax expert. Whichever way you chose you must keep track of your mileage! At the beginning of each year I write down (in a master business calendar) my car’s current mileage and then I continue to add appointments – making notes of where I went, who I met with and what was covered.  Remember that the IRS loves documentation (and so does your CPA).

Photo Credit: ​https://www.flickr.com/photos/pictures-of-money/17307620362

Comments are closed.
    Picture

    Author

    Rhonda A. Mannes,
    ​CPA, ARA.
    Phone: 702-233-6310


    Archives

    December 2018
    August 2018
    February 2017
    January 2017
    December 2016
    November 2016
    August 2016
    March 2016
    February 2016
    January 2016
    December 2015
    August 2015
    March 2015
    February 2015
    January 2015
    August 2014


    Categories

    All
    Accountant
    Business Taxes
    Charitable Contributions
    ESA
    Estate Planning
    Event
    General Tax Law
    Gifts
    Home Purchase
    Identity Theft
    Intaxification
    IRA
    IRS
    IRS Direct Pay
    IRS Electronic Payments
    Net Investment Tax
    Real Estate
    Retirement
    Rollovers
    Social Media
    Tax Deductions
    Tax Errors
    Tax Preparer
    Tax Shopping
    Tips From Rhonda
    Vehicle Deductions


    RSS Feed


    ADMIN LOG IN
Powered by Create your own unique website with customizable templates.
  • Home
  • About
    • Profile
    • Services
    • Recommendations
  • Resources
    • Tips From Rhonda
    • Newsletters
    • Videos
  • Blog
  • Contact