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Submitted By: Betty
Answered: December 29, 2015 11:50 am
Answered: December 29, 2015 11:50 am
If I have a decal for my business on my truck, can I deduct all of my mileage as being for business?
No. Having a decal or a removal sign that helps to advertise your business does not entitle you to deduct all of your driving as business mileage. You’re limited to the actual miles driving for business purposes, such as seeing customers and meeting with vendors.
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Tax Glossary
Adjusted gross income (AGI)
Gross income less allowable adjustments, such as IRA, alimony, and Keogh deductions. AGI determines whether various tax benefits are phased out, such as personal exemptions, itemized deductions, and the rental loss allowance and modified adjusted gross income (MAGI).
