Tonight or tomorrow morning, write down the odometer reading for cars used for business purposes in 2013. Place a copy in each of your 2013 and your new 2014 tax file. This will document the ending and beginning mileage use of your personal vehicle for your business tax deductions.
Another great idea is to go get your oil changed! This will provide you with 3rd party odometer documentation. If something happens to your other documentation, you can always retrieve these from your service & repair shop.
The business mileage deduction rate for 2013 is $0.565/mile.
The NEW business mileage deduction rate for 2014 is $0.560/mile.
Other new 2014 rates:
Hope you have a safe and Happy New Year! For more information contact us today.