Small Biz Tax Tip, One Mistake Not To Make
Here’s another tax tip for the small business owner or the self-employed.
Keith Hall with the National Association for the Self-Employed says some of the most common mistakes made when figuring out a return is to forget deductions.
Hall says that’s just money left on the table.
“Maybe the most common one missed is the business use of an automobile. If they forgot to keep track of those miles, keep a mileage log, its a deduction that’s easy to miss and it really ends up costing you some money.”
The standard mileage rate for 2011 is .51 cents per mile. Next year the number goes up to .55 cents.