Official Texas Poker Blog

Official Texas Poker Blog





Learn to Use the IRS Mileage Rate to Get Your Tax Return

If driving is a requirement of your job then you can claim a tax deduction. This deduction is known as the IRS mileage rate , and it is intended to offset some of the expenditure you incur in the course of your duties. You cannot apply the write-off to any driving you do during your own time, it is only for work-related situations for example when you have to attend business meetings. If you are going to make a claim for business travel you will need to keep an accurate record of the amount of miles traveled because this figure is used to calculate your allowance. If you find record keeping difficult there are devices you can use in your car which work by automatically logging your business mileage. Why not have a look around and see if you can get one? If you do a lot of driving around from one work location to another you’ll enjoy not having to calculate everything manually, and at around $200 you might find it pays for itself very quickly in terms of the mileage you can claim back.

But whichever method you use for recording your mileage it is important to maintain accurate data in the event of an IRS audit, and that way you’ll have nothing to worry about. Get in the habit of backing up computerized files, and storing hard copies in a secure location just in case they need to be looked at in the future. Once you establish a routine it’s really not that difficult, and it’s far easier to stay on top of everything when you’ve got the information you need close at hand.

Now after all that hard work you deserve some kind of reward, so how does a trip to Italy grab you? Try shopping around for cheap Venice hotels so you can treat yourself to a weekend break in Europe. Think of it as another incentive – it’s something to look forward to when you’ve finished your Tax Return.

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