Partners in Business tip: Track personal miles for tax savings

Updated May 19, 2021
The Partners in Business program is sponsored by TBS Factoring.The Partners in Business program is sponsored by TBS Factoring.

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.

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The Business Manual for Owner-Operators
Overdrive editors and ATBS present the industry’s best manual for prospective and committed owner-operators. You’ll find exceptional depth on many issues in the 2021 edition of Partners in Business.
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