06 June 2010
Business Mileage Tips
09/June/10 10:53 PM Filed in: Accountant
Business MileageBusiness Mileage needs to be recorded at the end of each day and needs to start after the first appoitment. Detailed logs are necessary incase of an IRS audit. Mileage is reimbursed at $0.55 per mile so a small error can equal large penalties. Many clients in the Tampa area log over 20,000 business miles a year and this tends to be one of the top 5 deductions for Florida businesses. If you have any specific questions about mileage reimbursement please email Judy Driscoll or call a qualified CPA. CPA's are able to assist in making sure your mileage logs are accurate and set up for proper accounting. Remember you can itemize or charge for miles but if you choose to itemize your car expense you can not later switch to miles you must itemize for the life of the automobile.
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