Tax Deductions You Might Be Getting Wrong

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tax deductions 2020

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Not recording your mileage

Did you know that if you don’t keep a proper mileage log for business miles driven, you might not get this deduction at all? Or you might at least get a much smaller deduction than the actual number. Business-related mileage is a big point of fraud when it comes to tax deductions, so the IRS could be keeping an eye on you if you write off a lot of driving for your work. When it comes time to do your taxes, you might just estimate how many miles you drove, based on your usual activities. But the best plan is to keep a current log of every mile driven for work. Consider keeping a notebook in your car, using your odometer, and writing down each trip in your journal.

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