2 roads for claiming tax deductions on business miles
Real estate tax talkBy Stephen Fishman, Friday, August 24, 2012.
For many real estate professionals, your largest tax deduction may be the business miles you drive. There are two ways to deduct your mileage: You can (1) deduct your actual expenses for gas, depreciation, repairs and other car expenses; or (2) take the standard mileage deduction, which is 55.5 cents per mile for 2012.
Whichever method you use, there's a simple way you can maximize your business miles: Use a home office for your real estate business.
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