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By Heather Cozby & Christine Bruno
Business Tax Deduction for Personal Use of Your Automobile
The 2009 IRS mileage allowance for business use of your personal automobile is 55¢ per mile. You can use the standard mileage method or the actual expense method.
What type of travel is deductible?
In the ordinary course of business, traveling from one work location to another, visiting customers, and attending a business meeting are all deductible.
Recordkeeping
Keep accurate mileage logs to support the tax deduction. The log should include the date, destination/client location, business purpose for meeting, odometer reading at the start of business travel and the end of business travel.
Keep a record of the odometer reading at the beginning and end of each year to document the total mileage for the year. Note that commuting to and from your principle place of business is never a deduction.
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