How,Turn,Non-Deductible,Commut finance, share, loan How To Turn Non-Deductible Commuting Mileage Into A Legitima
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Tax Tidbits: Presented by Wayne M. Davies of www.YouSaveOnTaxes.com.Short but sweet nuggets for the Small Biz Owner and/orSelf-Employed Person, each morsel serving up a specific taxreduction strategy guaranteed to tickle your monetary taste-buds.The U.S. Tax Code is so big, there's only one way to digest it: one little nibble at a time.Just like a piece of candy, one small bite of taxknowledge can give you one very delicious deduction!============================================================Tax Tidbit #1:How To Turn Non-Deductible Commuting Mileage Into A Legitimate Business Expense-- by Wayne M. DaviesCopyright 2003 Wayne M. Davies Inc.============================================================For most folks, commuting mileage is a non-deductibleexpense -- unless you know the little tax trick I'm about to reveal.The non-deductibility of commuter miles is painfullytrue for the employee who fights rush hour traffic everyday,twice a day, for 5 to 10 hours a week.All that hassle, and what does he have to show for it?Just gas money down the drain, not to mention the wearand tear on both his vehicle and his stress-o-meter.You can deduct virtually all your mileage, including themilesyou log from your home to the office or other place of business, if you meet the following two criteria:1. You are a small business owner or self-employedperson, and2. You have two offices or work locations: one outside thehome (Office #1) and one inside the home (Office #2).Having two offices is very common for today's self-employedprofessional. The store owner, the shopkeeper, the salesman,the plumber, the consultant -- all these folks aretypically self-employed and have two offices:one where they meet with the public (Office #1), the otherat home, where they get their paperwork done (Office #2).Here's how it works:Every day you get up and "go to work." But you don't get in the car and drive to Office #1 right away. If youdid that, even as a self-employed person, you would beracking up non-deductible commuting miles, just like theemployee.Instead, you grab a cup of coffee and head to Office #2first,which takes all of 30 seconds.After working in Office #2 for awhile, then you hop inthe car and head to Office #1, where you work for the bulkof the day.Then, when you're done at Office #1, you get back in the car and go "home" -- except when you get inside yourhouse, you don't head for the living room, you go straightto Office #2, where you finish up your daily routinewith a few final minutes of paperwork.What have you just done?You daily round-trip "commute" is now a business deduction, due to a simple tax loophole that says:Any miles driven between two business locations aredeductible business miles.The fact that one of those two locations just happens to beyour Home Office is fine and dandy with the IRS.By following this route each day, you can save hundreds,even thousands of dollars in taxes.The proof is in the pudding:Your round-trip "commute" is 20 miles per day.20 miles X 5 days = 100 miles per week.100 miles per week X 50 weeks = 5,000 miles per year.5,000 business miles X .36 cents = $1,800 deductionSo, you just got yourself a nice $1,800 deduction --a deduction that you've probably been entitled to for years but didn't know it.$1,800 deduction X 32% income tax rate = $576 in actualtax savings (27% federal income tax + 5% state income tax)Five-hundred and seventy-six bucks. . . every year. . .. . . Hmm, mmm, good! Now that's a tasty little morsel! Article Tags: Turn Non-deductible Commuting, Non-deductible Commuting Mileage, Commuting Mileage Into, Legitimate Business Expense, Turn Non-deductible, Non-deductible Commuting, Commuting Mileage, Mileage Into, Legitimate Business, Business Expense
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