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Certainly claim all those miles if you legitimately can prove them. All I know is my accountant has always cautioned me to keep good records on my business miles. From all the tales I been told, the IRS folks are astute about spotting a phony travel log. I don't keep really great records myself. After the first month of the new year, I start forgetting to write stuff down. I usually claim fewer miles than I probably could just so I don't send up any flags and get audited.
The mileage deduction for 2008 is 50.5 cents per mile, which wouldn't quite translate to a $25,000 write off.
That's as helpful as I can be.....this tax stuff is best left to professionals! I'm genuinely fearful of being audited and use a very conservative accountant in hopes of not straying from the straight and narrow IRS laws. We have a complicated tax situation and our tax return is usually about 9 or 10 pages of forms that look like hieroglyphics to me. Heaven help those who end up under the IRS microscope. The IRS gets so crazy with those penalties and interest notices.
Your case sounds more straight forward though and shouldn't cost too much get a professional to do your return for you.
Certainly claim all those miles if you legitimately can prove them. All I know is my accountant has always cautioned me to keep good records on my business miles. From all the tales I been told, the IRS folks are astute about spotting a phony travel log. I don't keep really great records myself. After the first month of the new year, I start forgetting to write stuff down. I usually claim fewer miles than I probably could just so I don't send up any flags and get audited.
The mileage deduction for 2008 is 50.5 cents per mile, which wouldn't quite translate to a $25,000 write off.
That's as helpful as I can be.....this tax stuff is best left to professionals! I'm genuinely fearful of being audited and use a very conservative accountant in hopes of not straying from the straight and narrow IRS laws. We have a complicated tax situation and our tax return is usually about 9 or 10 pages of forms that look like hieroglyphics to me. Heaven help those who end up under the IRS microscope. The IRS gets so crazy with those penalties and interest notices.
Your case sounds more straight forward though and shouldn't cost too much get a professional to do your return for you.
Thanks, I think it will be okay.. Anyone have a great accountant they recommend??
I'm also having the same 1099 problem. Does anyone know a good accountant in Wake Forest?
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