2016 Automobile Mileage Rates

The IRS released the 2016 standard mileage rates for business, medical and moving in December. The rates have decreased from 2015, probably due to the decrease in the cost of gasoline.  Effective January 1, 2016, the standard mileage rates for the use of an automobile are as follows: 54 cents per mile for business miles[…]

More on Mileage

The IRS classifies all car usage into three categories:  business, commuting, and personal.  “Business  use” miles generally means travel between two business destinations.  Examples of trips that are deductible include: Travel from one client or customer to another Travel from your office to perform business tasks, like pick up the mail, make a deposit at[…]

Mileage Substantiation

I had a client tell me the other day, “I don’t keep very good mileage records, but I can if you think it’s important.”  Translation… “I don’t keep any mileage records” at least in my mind. Is it important to keep complete mileage records?  Of course it is, if you want to deduct the expenses[…]