One of the major problems we see in small businesses is lack of engagement by the owners. You can outsource responsibilities, but you can’t outsource concern. Having the knowledge and ability to stay involved and engaged is one of your greatest assets in fighting off employee theft, legal exposure, tax audit risk, and other business risks.
One of the very first traits learned by every new hire in public accounting is the mantra of “Same As Last Year” (i.e. “SALY”). Why is it that our Tax & Accounting Professionals are taught to be so focused on historical figures? Yes, history serves a purpose. We can analyze trends, learn from mistakes, and improve performance based on historical facts. However, with today’s economic challenges, we need Tax & Accounting Professionals that are PROACTIVE not REACTIVE.
One of the most common questions we get is about how to deduct the business use of your vehicle. While there can be many variables, one thing that is almost always certain is that you need to track your mileage! Tracking mileage is tedious, but necessary.
In the past, people have used paper mileage logs or excel sheets to track their mileage. Those methods are still totally acceptable, not to mention basically free! But if you prefer to leverage technology to your advantage, we recommend you use an app called MileIQ. MileIQ is an automatic mileage tracker that takes the hassle out of keeping a mileage log.
Next Step Blog
Our blog is intended as a tool to keep people informed about relevant tax and accounting issues. If you have a question or an idea for a post, let us know!