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Article Date:
December 2014

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Your Car Is a Tax-Savings Machine: Rev It Up Using These Smart “IRS-Proof” Guidelines

Estimated tax tip savings: If you drove 10,000 miles for business purposes over the past year and use the IRS mileage rate, you’re entitled to deduct $0.56 per mile, which would give you a $5,600 deduction. At a 28 percent tax rate, this could cut your taxes by $1,568.


Think of your car as a tax-savings generator. Each time you crank up the engine and drive between business locations, you create tax deductions.


This can add up to tens of thousands of dollars in deductions, just for going about your normal business routine.


Here’s the catch: unless you take the right steps to prove your vehicle usage, the IRS is not going to give you any of those nice tax benefits. This means that—just like with your car—you need to perform some yearly maintenance to make sure those tax deductions perform properly at the end of the year.


Read on to find out the best—and easiest—way to create the proof you need to satisfy rigorous IRS ... Log in to view full article.

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