Tax Planning

Are You Cheating Yourself by Using IRS Mileage Rates?

Aug 1, 2021

Bradford Tax Institute

Are you using IRS mileage rates for your business vehicle?

I have a new tool that can tell us whether the mileage rates are a good deal for your taxes. With this tool, I look at the entire life of your vehicle, including any gain or loss on sale, to get to the bottom-line dollar benefit or detriment that the IRS-mileage-rate method gives you.

This is a cradle-to-grave examination of the mileage rates versus the actual-expense method.

If it turns out that the mileage rates are good, great.

On the other hand, if it turns out that the mileage rates are not good for you, I have at my disposal an IRS procedure that allows me to switch you to the actual-expense method so you pocket more after-tax dollars.

I think we should examine your mileage-rate choice. Please call me and we’ll set up a time when we can drill down on this.

Related Newsletter: 14 Tax Reduction Strategies for the Self-Employed

 

SERVICES WE OFFER RELATED TO THIS TOPIC

The information contained in this post is for general use and educational purposes only.  However, we do offer specific services to our clients to help them implement the strategies mentioned above.  For specific information and to determine if these services may be a good fit for you, please select any of the services listed below. 

4x4 Financial Independence Plan

The Smart Tax Planning System
for Business Owners ˢᵐ

4x4 Financial Independence Plan

The Smart Tax Minimizer ˢᵐ (for Consumer and Home-Based Businesses)

For more information on tax planning, visit our Tax Planning page to see our list of services.

 

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