Record Your Odometer

If you’re a self-employed person who uses a personal vehicle for business driving, be sure to note your odometer reading at the start of the year in your app, expense log, or other method used for tracking business mileage. This enables you to have the information needed to figure the deduction using the IRS standard mileage rate of 56¢ per mile in 2021. Find more information about deducting the cost of business driving in IRS Publication 463. #IdeaoftheDay