Deductible Carryover

November 25th, 2008

Question: Do tax Deductible Business Miles carry over to the next year?

I’ve adjusted my AGI to $0. I still haven’t even deducted my business miles, will these carryover to next year?

If not, do you think that’s unfair?

Answer: If you have a net operating loss on your business, it will carry over to next year. If the mileage is for employee expenses, it won’t.

Items on Amazon Right Now for Deductible Carryover:

New Rules for Roth IRAs May Prompt Conversions

Prior to 2010, your adjusted gross income had to be less than $100,000 to convert an individual retirement account or qualified plan to a Roth IRA. Beginning in 2010, there are no AGI limitations, making many more taxpayers eligible to convert their accounts.

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