If you are claiming mileage for the use of your personal vehicle for business purposes, you must keep a mileage log indicating the odometer readings, the miles driven, the purpose for the trip(s) and the date(s) of travel.
Tax Tips

Keep all of your canceled checks, credit card slips and cash receipts, noting on them the reason for the expenditure.



Never classify or pay a worker as an independent contractor without first reviewing the IRS regulations regarding their employment. You could be liable and penalized for your failure to withhold and pay FICA taxes on the worker.



If you are claiming mileage for the use of your personal vehicle for business purposes, you must keep a mileage log indicating the odometer readings, the miles driven, the purpose for the trip(s) and the date(s) of travel.



Always file your tax returns by the deadline even if you are unable to pay the tax. The “failure to file” penalty is higher than the “failure to pay” penalty.



There is no charitable deduction for your gifts of time or talent to your church or other approved 501(C)(3) organizations.
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