Tax Time Tips Part #3: Your Vehicle Mileage & Home Office Deductions
In the yard card industry, a vehicle is an absolute necessity. The good news is you get to deduct some of the expenses! Business-related mileage is our friend. The important piece is you MUST have detailed records of every mile. Or you can claim auto expenses, such as fuel. But you CANNOT claim both mileage AND gas.
2021 Mileage Rate: 56 cents
2022 Mileage Rate: 58.5 cents
It pays to count your miles!!
Home Office: Do you have a dedicated business space? If not, get one!
There's 2 methods for this deduction & we talk about it in the episode.
IRS Vehicle LInks:
Business Use of Car: https://www.irs.gov/taxtopics/tc510
Mileage Rate: https://www.irs.gov/newsroom/irs-issues-standard-mileage-rates-for-2021
IRS Home Office:
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