Tax Mileage Deduction 2009
October 14th, 2009Question: Would the following items be tax-deductible for an Avon business?
1. Fashion magazines, so I can keep up the latest make-up. Would these be considered “trade magazines”?
2. Ear-piercing, so I can demo earrings. Would this be considered a business expense?
Also, does anyone know what the mileage deduction is for 2009? I want to start keeping track. The less money I can hand over to the government to waste, the happier I’ll be!
Answer: Dear M: You will be filing Sch. C as a Sole Proprietor. The best thing you can do is keep track of your meetings and log every mile for business keep these in a very professional binder as the IRS may want to review these in an audit. If you dedicate a part of your home and use it exclusively for business you can write off a percentage of your utilities, insurance, rent/mortgage etc. Also keep track of all your supplies as you will have an inventory calculation and cost of goods sold on Sch. C. Trade magazines would be OK demo ear rings OK Ear-piercing is probably not going to cut it. This year the mileage deduction was 50.5cents/mile 1st half of the year and 58.5 cents last half of year. Next year the tentative number is 55 cents/mile. Could change if gas prices vary wildly.
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provide. Click on my profile to read more.
Errol Quinn Enrolled Agent Master Tax Advisor
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Tags: 2009, deduction, income tax mileage deduction 2009, irs, standard,, tax