Tax-Smart Driving: Shield Your Vehicle from IRS Audits!
If you’re a business owner, did you know that you have to protect your car from the Government?
2 min read
The IRS mileage rates for business travel are set every year sometime in December.
At the time of this article being published, the 2024 millage rates are:
- 67 cents per mile for business purposes
- 21 cents per mile for medical and moving purposes
- 14 cents per mile for charitable purposes
Is the “juice worth the squeeze”?
Milage and auto usage is among the highest audited items on business taxes.
And honestly, it’s one of the most abused categories where the IRS comes away with a “win” against a taxpayer (i.e.- disallowing the deduction on the taxes or severely limiting the deduction.)
Why do I say that?
Because we as business owners have enough on our plates already, right? And who can be bothered with the mundane and tedious task of tracking your miles for business!
Fake news folks! These things MATTER. Period.
And when I started tracking my miles by implementing a SYSTEM, I was shocked by the amount of money I had been wasting in taxes by not properly documenting and claiming every eligible mile I could.
These little things add up.
Think of it this way:
If you drove 5,512 miles for business during the year (AUDIT FLAG TIP: the IRS is highly suspicious of nice ROUND & EVEN numbers… that’s a sure sign that you are NOT keeping accurate records) then that would be worth a deduction of $3,610.36 (5,512 miles x $0.655 cents per mile).
As a Schedule C tax filer this would save you roughly $1,346 actual dollars in taxes.
If you were to spend 10 minutes a week using a streamlined app (yes, there’s an app for that!) like Mile IQ, you would invest 8.67 hours per year tracking your miles.
This would return to you an hourly rate of $155.25 per hour spent assuming you ONLY drove the 5,512 miles during the year for business.
I don’t know about you but if I could make $155.25 an hour on my time and could sneak that administrative task in during “dead zone” time frames such as sitting in the car wash while your car is being washed, or standing at the pump waiting for my tank to fill, or standing in line at the grocery store… The bottom line is that this task can be fit in quickly and easily.
The trick of this is to create a SYSTEM where the task does not seem so monumental of a challenge.
Rather, the difference maker is to fully implement a SYSTEM to make the tax savings easy to capture!
The government has a system to take your money!
Fight back with a system of your own.
At MakeTaxesFair.com we help you by showing you a SYSTEM to fight back, reclaim your freedom from oppressive taxes, and save money using the mileage deduction and many other strategies.
The reason why you are wasting money on taxes is because you lack a system that provides you with:
- EDUCATION to learn what you can be doing,
- EVALUATION tools to see how that education applies to you,
- EXECUTION tools to put all of that into action!
- All leading to EFFICIENCY in your tax situation to ultimately keep more of your hard earned profits in your home and bank account.
Join the fight and start your tax savings now at www.MakeTaxesFair.com/system
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