Thursday, October 8, 2009

HAVE YOU COMPLETED YOUR 90-DAYVEHICLE-USE LOG? IF NOT

IF NOT, READ ON…
Without at least a 90-day log, you risk losing ALL deductions
for business use of personal vehicles.


Guess what? There are exactly 85 days left in 2009.
That's 5 days short of 90, but you can "recreate" your vehicle use for the past 5 days,
and then keep accurate records for the next 85 days.

Then, voila- you have a 90 day log, and thus get to claim vehicle deductions for the WHOLE YEAR.
BUT if you wait a few more days to begin your log --
you will LOSE $3,000 to $5,000 or more in tax deductions.