Business Mileage Log With Expenses (Page 3 of 3) in pdf

Business Mileage Log With Expenses Page 3

type of call (3-way call, long distance, etc.) for the month to determine the deductible

percentage for your MK business.

o Cell Phone (Personal Use) – Your tax deduction is equal to the percentage of business

use each month. Keep a log of all calls made to determine the deductible percentage

for your MK business.

 Assets Purchased

o Assets include computers, printers, etc that you need to conduct your MK business.

o KEEP receipts for all assets purchased. The receipt should include a description of the

asset purchased, the date purchased, the amount paid, and from whom you purchased.

 Office In Home

o Your MK business MUST have a profit motive. You cannot claim a home office

deduction for hobbies.

o You are entitled to deduct a portion of the expenses of owning or renting your home if

you regularly and exclusively use a portion of the home for your MK business.

Measure the space used for business and divide by the total square footage of your

home to determine the deduction percentage.

o Keep copies of bills for utilities, insurance, repair, etc. If you own the home, keep

copies of your mortgage interest and property taxes.

o Check with your insurance carrier to determine if you need to add a rider to your

homeowner’s policy to protect you and your MK business from loss and/or lawsuits.

The cost of such insurance is deductible.

This worksheet is for informational purposes only. It does not include all the deductions

that you may be entitled to deduct on your tax form.

If you have any questions, please call 724-676-5899 or email

Business Mileage Log With Expenses Page 3