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| TAX LOOPHOLES MADE EASY | xxxxxxxM | MILEAGE LOGGER - SAVE THOUSANDS IN TAXES | ||||||||||||
| Whether you are flying high with savvy investments, rebounding from recent losses, or still struggling to get off the ground, you can save a bundle on your taxes if you make the right moves before the end of the year. Before you do anything, consider making income tax projections for this year and next (at least). If your situation is complicated enough, you will need a software program or help from your tax preparer. Once you have the numbers, however, you can see how any actions you take will affect your tax bill each year. Each year, Congress votes on anywhere from 90 to 100 new tax laws. The tax loopholes and savings below, apply to each new tax year even if the amounts increase from year to year.
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The burden of proof is on you. When you put in a deduction of $5,000 to $10,000 or more for mileage, it's always a good idea to have solid proof and backup for your claim. Most business owners miss this massive deduction, because they simply don't record each and every mile that they drive for business and are concerned that the IRS may not accept their non-educated guess at the end of the year. As of June 2008 standard mileage rate went up to 58.5 cents per mile from 50.5 cents. It's no secret that the IRS audits returns that don't fit into a certain percentage of the national average. Arming yourself with supporting documentation is a wise move and can save you time, money and effort in the long run.
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