The IRS has adjusted the mileage deduction for business use of personal automobiles from its current rate of 50.5 cents per mile to 58.5 cents per mile. Track your mileage. Every little bit helps.
If pens are a business for you
- Thread starter DCBluesman
- Start date
Signed-In Members Don't See This Ad
Signed-In Members Don't See This Ad
edman2
Local Chapter Leader
Thank you Lou. Will not affect me too much on pen stuff but I have 10 folks in my office that have a reimbursable car expense line and I had not heard of the increase. They thank you too.
Texatdurango
Member
I keep one of those little 4" X 6" spiral binders in my truck and my car and whenever I'm off to buy something that I will use for pen making or driving over to my laser engraver or off to a show, I just jot down where I went and what I did or purchased.
When I do my taxes next year, I'll go through the binder and add up all the trips. Like Lou says, it all adds up and it beats the heck out of estimating or guessing how many miles I used for business during the year.
When I do my taxes next year, I'll go through the binder and add up all the trips. Like Lou says, it all adds up and it beats the heck out of estimating or guessing how many miles I used for business during the year.
wdcav1952
Activities Manager Emeritus
That's right, it starts 1 July, which is tomorrow, at least that is when it starts for gov't workers.
VisExp
Member
Lou, Thanks for the info. As a subcontracting driving an average of 800 miles per week to get to my installs I'm pretty religous about keeping track of my mileage and taking that deduction!