2007 Tip #1

Go out today and buy a Mileage Log, or a Note Book, if you prefer for your car. Then track mileage that can be used for tax time. There are so many people who don't take this step and lose valuable dollars because of it.

It is best to get into the habit of recording your mileage daily. Although, not all of it will be tax deductible, you will form a simple habit that will save you money on your tax return.

2006 Standard Mileage Rates:

• Business 44.5¢ - Don't own a business? How about that online income you are earning? Do you go to the post office to mail prizes, gifts etc? Do you go to the local Target to pick up a gift card? How about a trip to the bank to open accounts, transfer funds and make deposits?
• Charitable 14¢ - Take Eucharist to the home bound? Cart goods to the Church garage sale? Run errands to buy supplies for the Churches fair stand? Did you work as a dealer for a NON-For Profit Vegas Night (I did this one)? If you did any traveling in regards to charitable work for Hurricane Katrina you can write off 32¢ per mile.
• Medical 18¢ - Doctor visits, orthodontist visits, optometrist, dentist etc. Don't for get any parking fees and tolls. This to me, a non-professional, is an easily missed deduction.
• Moving 18¢ - How far are you moving? If you are moving, this is something you should look into. There might be a deduction in your non-reimbursed expenses

A mileage log book, where you track your miles and your reasons for the trip can potentially be a good mine in tax savings. Buy the book, the most you could possible be out is the cost of the book. You will gain a habit that can potentially save you many dollars.