In this enlightening episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, a seasoned tax expert, delves into one of the most significant tax deductions for many clients: mileage. With the current rate at 65.5 cents per mile, understanding how to properly claim this deduction can lead to substantial savings. However, Dr. Friday emphasizes the importance of distinguishing between deductible business mileage and non-deductible commuting miles, such as traveling from home to a consistent work location, like a dry cleaner. This distinction is crucial to avoid complications during audits. Dr. Friday also reminds listeners to tune into the live call-in show every Saturday afternoon for more tax advice.
Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Probably the number one tax deduction for a lot of my clients is actually miles. Mileage is a big tax deduction and at 65.5 cents a mile that can be a huge deduction. But should everybody be taking miles? Remember we don’t get paid or we’re not able to deduct commuting miles. So if you are going from home and your home office is home but you always go to the same location, let’s say you own a dry cleaners, even though you have a home office from home to the dry cleaners is still commuting. So make sure you understand so you’re not caught in an audit or something because you don’t understand the mileage deduction.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.