Business use of car – tax savings idea

When you use your personal car for your your job or business, you may be eligible for a tax deduction.  First you have to determine the method you are eligible to use, either the standard mileage rate or the actual expense method, both subject to different IRS limits. Under both methods, you must maintain a log for your business and non business mileage.  In addition to your mileage log, under the actual expense method, you must keep the receipts for the actual expenses such as gas, oil, repairs, licenses and other.  Jaya A. Naiken CPA, LLC is available to assist you to see if you qualify for this tax deduction. Futhermore, we can assist you with your accounting, tax planning and tax preparation to compute the maximum benefits your are entitled to. Visit our website to call or email us with your questions.