The IRS has increased scrutiny of employee business expenses–specifically business miles. Be sure to keep track of your business miles in a mileage log to verify the legitimate purpose of each trip. It’s also a good idea to have your car professionally serviced at the beginning and end of each year to make sure you […]
Driving to work out this summer? Be sure to keep good records on the miles you drive. The IRS allows a $.51 deduction for every mile driven for business purpose. Off season training for a professional athlete qualifies as a legitimate business purpose thus the mileage is deductible. For more information on how to keep […]
As a professional athlete or coach, you may deduct your business mileage. This includes miles driven to and from any arena other than your game arena and mileage driven to the airport or to workouts during the off-season. Keep a notebook in your vehicle to track the number of miles you drive during the year. […]
Please note: the IRS has increased scrutiny of employee business expenses–specifically business miles. So to verify the business miles you drove during a tax year, it’s important you know how the IRS defines business miles for a professional athlete and how to document your legitimate business miles. Here’s what the IRS considers to be legitimate, […]
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