Accountant Tip of the Month
This new series will feature one of our accountants with some helpful insider tips!
Taking Mileage Deductions
by Jennifer Lewis, CPA
You probably already know this, but if you use your personal vehicle for business purposes, you can likely take a deduction on on your tax return! Whether you are a self-employed business owner or an employee who must sometimes use a personal vehicle for work, this is a potentially large deduction that you do NOT want to miss out on. There are different ways in which the deduction may be calculated and in how it gets reported, depending on your individual circumstances. You'll want to consult with your Tax Manager to find out which method is best for your particular circumstance, and the method that you use may change form year to year based on what is most beneficial. The most important thing to keep in mind if you think you'll be able to benefit from the deduction is this -- you must have the documentation to support your deduction.
Jennifer is a Tax Manager who has been with our firm for over 8 years. At work, she especially enjoys advising clients on their tax planning options. Outside of work, she loves the outdoors and working with animals.