If you are recuperating from last night’s festivities and are looking for a small task to accomplish today? Try taking one small step towards tax time.
Do you keep a Vehicle Mileage book throughout the year? As a small business owner, I do. Now would be a great time to do the math and tabulate your mileage for the first half of the year. Ready, get out that pencil!In order to compute that total miles traveled for the year, you must record your complete odometer reading at the beginning and end of the year. Then calculate the percentage of vehicle use for business purposes by using the equation:
Business Miles Traveled/Total Miles Traveled = Percentage Your Automobile was used for Business Purposes.