IRS Announces 2017 Standard Mileage Rates
The IRS has announced the 2017 optional standard mileage rates for computing the deductible costs of operating a passenger automobile for business, charitable, medical, or moving expense purposes.
Effective January 1, 2017, the standard mileage rates are as follows:
– Business use of auto: 53.5 cents per mile may be deducted if an auto is used for business purposes
– Charitable use of auto: 14 cents per mile may be deducted if an auto is used to provide services to a charitable organization
– Medical use of auto: 17 cents per mile may be deducted if an auto is used to obtain medical care (or for other deductible medical reasons)
– Moving expense: 17 cents per mile may be deducted if an auto is used to move to a new home in connection with the start of work at a new job location
You can read IRS Notice 2016-79 here.
What does this mean for you…? I hope you can see that owning a business will get you some great deductions for the miles you spend on a business for business purposes… and who isn’t talking about their business when they go meet up with someone?
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We at Vantage Capital Alliance have found that taxes are the Great Wealth Destroyer because they suck the life out of your finances even before you get started paying bills. So, what’s left over is far less than what you could have had if there were no taxes or the taxes were reduced.
Conclusion: Starting a business or getting into business for yourself not only gets you mileage deductions but 440 other possible deductions for small business that will help you keep your hard earned money instead of paying excessive amounts to taxes that you don’t really have to pay. It’s a way of saving money that most people don’t think about. These deductions are all legal, ethical and moral… hey, they are deductions the IRS thought up and provided and most people don’t use them… probably because they don’t know about them. So, they are spending more than they need to in taxes alone. (Be sure to consult your tax man for how to utilize the deductions and plan ahead.)
A Vantage Capital Alliance agent will sit down with you and personally work with you to show you 12 different ways to beat what other financial planners miss in what can be saved, how to stop Wealth Transfers and put your money to work, with guarantees, no risk, no tax consequences, liquidity, use, control, certainty and enjoyment for a far richer lifestyle and retirement that they can’t come close to.
Give us a call today to set an appointment with a licensed agent to see how your finances can be improved in just a short period of time. 801-769-9443 or 801-404-2833
If not now, you are missing out on a lot of possibility and opportunity you don’t even know about.