Do you own your own business? If so, make sure you are not missing this one simple deduction! If you use your car for work, your mileage could be saving you money on taxes… but only if you’re tracking it! Without tracking it, we’re unable to determine if mileage or actual cost is best for you to claim.
Most people say, “oh, it wasn’t worth tracking, it was minimal”. However, if you think of every work-related drive as a tiny deduction, adding overtime it does amount to something and usually more than you think! Trips to meet clients, runs to the bank, even certain errands—all those miles can count. But here’s the catch: if you don’t track them, you can’t claim them.
The good news? It doesn’t have to be complicated. A simple app or quick log can do the trick. The key is consistency, because trying to remember months of driving later…yeah, that never goes well.
So, whether you’re commuting between job sites or running your side hustle around town, start tracking now. Your future self (and your tax bill) will thank you.
Got questions about what counts? Just reach out! Senter CPA is always happy to help you stay on the right track!
