Vehicle

The key to your biggest deduction may be in your ignition!

Many people in home-based businesses can honestly and legitimately deduct $3,000 to $5,000 or more per year, for using their personal vehicles for business purposes.

Keeping a 90-day log once a year, showing the Date, Destination, Primary Purpose and Miles Travelled for each use, are the only records most people need to keep.

Note the only Primary Purpose of each trip needs to be recorded, so if you combined a personal errand with a necessary business errand, the vehicle use is still tax-deductible, as long as the personal errand did not add any additional mileage.

Tax laws even give you a choice of methods of computing the value of your deductions. Figure the deduction both ways, and use the one that benefits you the most.