There’s a lot to keep track of when you’re starting your small business. Sometimes half the battle is keeping track of your expenses so that you can write off business costs on your taxes. But have you ever considered that every mile you put on your car driving to and from client lunches, purchasing supplies, and dropping off packages at the post office could be tracked so you can deduct it?
One of the most convenient annual tax deductions for small businesses is the vehicle deduction. But, due to a lack of knowledge, many owners either don’t take complete advantage of this write-off, or do it incorrectly. There are a lot of considerations that need to be explored in order to get the most out of this business expense.
