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Average Car Use Percentage by Profession

People often ask what is a reasonable percentage of mileage to deduct for various professions. Although you certainly need a mileage log – preferably by using Taxbot – here is what the courts have allowed for various professions: Anesthesiologists 39% Attorney 30% Auto Dealer 70% Cemetery plot salesmen 80% Dentist (who directed clinics) 80% Doctor...Read More

Future proposed tax increases.

New proposed law: In order to balance the budget, there is a proposed law to have a 25% percent increase in the income tax rates. Yes, you read this correctly, In addition, there is a proposed increase in social security and Medicare of an extra 10% of salary up to $200,000 of earnings,which is up...Read More

Jury Pay Reimbursement

I was scheduled for jury duty today. It got me thinking. Many companies will continue to pay your salary as long as you turn over any jury pay that you received. You can get a deduction from adjusted gross income ( and not as an itemized deduction) in the year that you pay your employer...Read More

selling vs trading your car

I constantly get the question as to whether it is better to trade or sell our vehicles.Generally the rule is simple: If the car would produce a loss when sold ( which means that your basis is more than the fair market value), you should sell the car and deduct the loss to the extent...Read More

Deducting automotive supplies

If you use the actual method of deducting your car expenses ( such as deducting costs for gas, repairs, depreciation, insurance etc.), you may be missing a bunch of automotive deductions. Go through your garage and basement or wherever you store tools and cleaning supplies. Make a list of items that you use on your...Read More