# Tax Deduction for Mileage

A tax deduction for mileage is allowed for each mile driven for tax purposes when using your personal vehicle for business purposes.  The tax deduction for mileage value changes each year on a per mile basis. It approximates 57 cents per mile.

## Mobile Food Vending – Profitability and Issues

Many of you are wondering if you can make a good living as a mobile food vendor. If there is profit, how much? Are there any issues in this industry that will persuade me from becoming a mobile food vendor?

## Nondeductible Expenses in Small Business

One of the more significant expenses for the small business owners is income taxes. Since most small businesses are tax pass through entities, it is beneficial to the business to have the least amount of net income in order to reduce the tax obligations of the owner(s). This is achieved by making sure every dollar expensed is deductible for tax purposes.

## Cost per Mile – The Basic Formula

In any industry, especially transportation, it is essential for the owner of a business to understand how much it costs per mile to operate his vehicle, trucks or fleet. The formula looks simple and in reality it is; but you must understand the underlying elements to truly appreciate and comprehend the calculation.

## Mileage Deduction – Rate for 2014

On December 6, 2013, the Internal Revenue Service announced the mileage rate deduction for 2014. They reduced the amount allowed one-half a cent to 56 cents per mile. How do you calculate and use the mileage rate formula for tax purposes?

## How is a Sole Proprietorship Taxed? Understanding Schedule C

The sole proprietorship is taxed at the individual tax level. Basically, the income earned during the calendar year is calculated on Schedule C of Form 1040. The final number is transferred to the front page of Form 1040 to line 12. Schedule C is divided into three major sections.

## Mileage Deduction – New Rate for 2013

The Internal Revenue Service announced the mileage rate deduction for the calendar year 2013 on November 21, 2012. The new rate increased 1 cent over 2012’s rate to 56.5 cents per mile. How do you calculate and use the mileage rate formula for tax purposes?

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