I am always on the lookout for deductions that benefit my income tax clients, and if you're just starting out on your business as a writer, or are a published pro, don't overlook the importance of logging the miles driven to the events or places that support your writing business. This includes miles I drive to my region's Society of Children's Book Writers and Illustrators events, my critique group meetings, miles driven to browse writer's magazines at Barnes and Noble, miles driven to Staples for printer toner and of course, miles driven to the bank to deposit those payments for my literary creations :) You get the idea.
Now is a good time to log in those miles in your 2012 calendar. By the end of the year you'll be surprised at how many miles you've logged to deduct at tax time. A deduction of $0.50 a mile might just translate into an easy way for you to get some relief next April 2013. A notebook thrown in your car or purse can track the round trip miles, date of travel, and the purpose of the trip. Don't forget to tally the miles up for your tax person at the end of the year. For more information on business expense deductions download the IRS Publication 463 for information on travel, entertainment, business gifts, and car expenses.
Now is a good time to log in those miles in your 2012 calendar. By the end of the year you'll be surprised at how many miles you've logged to deduct at tax time. A deduction of $0.50 a mile might just translate into an easy way for you to get some relief next April 2013. A notebook thrown in your car or purse can track the round trip miles, date of travel, and the purpose of the trip. Don't forget to tally the miles up for your tax person at the end of the year. For more information on business expense deductions download the IRS Publication 463 for information on travel, entertainment, business gifts, and car expenses.
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