Can I Still Deduct Mileage in 2020?
The answer is YES!! Here are a few things to consider:
The standard mileage rate is 57.5 cents per business mile driven, down half of a cent since 2019.
The rate for service to a charitable organization is unchanged, set at 14 cents per mile.
You are allowed 17 cents per mile driven for medical or moving purposes, down from 20 cents in 2019.
Keep in mind that you want to keep a log that tracks your mileage throughout the year for audit purposes. The log should include the date, destination, and reason for travel.
It can also be helpful to download an app on your phone to make it easier to track, such as MileIQ, TripLog or TrackMyDrive. QuickBooks also has a feature that allows for tracking mileage but requires that you or your bookkeeper manually input the information.
Don't miss out on your business miles deductions for 2020 and 2021! At Brighter Smiles Bookkeeping, we can help you with mileage as well as other types of tax deductions throughout the year. Visit our contact page at www.brightersmilesbookkeeping.com to get in touch! #bookkeeping#accounting#taxes#taxdeductions#dentists#bookkeeper#smallbusiness#accountant#finance#dentalpractice#dentistry#audit