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Not many people like tax time, and entrepreneurs are no different. But many don't know the simple tips that can lower the amount of taxes they pay.
Take your business vehicle for instance. Oh, you don't have one? You use your personal vehicle to drive hundreds of miles and you're not deducting the mileage on your taxes?? You are wasting money!
You can claim all mileage that pertains to work for your business on your taxes. The current standard mileage rate is $.485 per mile (in early 2007), which can add up fast if you travel frequently.
Some of the trips you can claim for business travel include:
By claiming your mileage on your taxes, you can reduce your taxable income and pay less (or receive more) in taxes!