You can deduct mileage on your personal vehicle if you make a business-related trip to the bank, the post office, a business meeting, a truck show or a dealership, supply store or parts yard – even to a grocery if your purchases are business-related. Keep a log on the dash or in the glove compartment to jot the date, mileage and purpose of each business-related trip. The IRS allows a deduction of 54 cents per mile driven.
The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator business services firm. The program is sponsored by TBS Factoring Service.