t’s a new year and we have new tax
deduction rates for using personal
vehicles for business, medical or
charity purposes.
As you know from Chapter 8 one of your
biggest tax-deductions for small or home-
based business owners is for using your
personal vehicle for business purposes.
The deductible-amount tends to change
every year, based on third-party analysis
of current actual vehicle operating costs.
2020 VEHICLE DEDUCTION RATES
There are three separate rates to use –
One for BUSINESS-Use purposes,
One for MEDICAL/Health purposes,
One for CHARITABLE use.
The rates for 2020 deductions are:
Business–Use: 57.5 ȼ/mile
Medical/Health: 17.0 ȼ/mile
Non-Profit Charity: 14.0 ȼ/mile“
Documentation is required, but it’s easy.
Just jot down the date, destination, primary
purpose and number of miles traveled.
That’s it. Easy, huh? Here’s how easy…
Get your FREE 2020 Vehicle-Use Log
now by Clicking HERE.
ALL Recordkeeping is now EASY!
Although recordkeeping still is required
for ALL tax deductions, including vehicle-
use, there now is now a seriously easy
way to do it! Check it out now at
www.FastEasyTaxRecords.com.
Don’t miss the January-Special reduced
subscription prices.
There are your first two “Tax Tips You Can
Bank On” for 2020. Lots more coming.
20 YearS Helping THOUSANDS to SAVE a BUNDLE,
Dr. Ron Mueller, MBA, Ph.D.
Author, Speaker & Small-Biz Tax-Savings Coach
P.S.
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