20
Sep

Took all my tax info over to my CPA yesterday

Hi, everybody!

What was amazing to me is my driving school students and miles driven to get to them and back home for the year amounted to 11122miles….4400+ were pre 07/31/08 and 6600+ were post 08/01/08 where the divider is for what the fed gov allows mile wise in deductions….pre 07/31 it is a 51 1/2cents per mile post 08/01 it went up to 58 1/2cents per mile I am pretty sure of the amounts but do not hold me to legal advice here it might be off a bit….

So that said I am able to deduct a heck of a lot of cash out of gross earnings for miles deductable under fed rules…making it less likely I have taxes to pay….since this was my first year in business for myself I did not know what income I could generate so I did not pay 1/4ly taxes anticipated…I did not really hit black until 4th quarter anyway… Now maybe not at all with these deductions….