As an insurance agent, you’re constantly on the move and need someone who understands your industry. The team at Strive Accounting and Tax Solutions has the knowledge and ability to make life easier. We can show you how to properly log your mileage and get the most out of your tax benefits.
Travel expenses are fairly common deductions, but can be tedious and confusing. While commuting to your office or regular place of work is not deductible, business related travel expenses can provide significant deductions. Any time you leave town for business and incur transportation costs and lodging expenses, those expenditures can be deducted from your taxes.
When traveling via automobile, there are two types of deductions — Standard Mileage Rate and Actual Expense. The current standard mileage rate deduction is 56 cents. Items such as gas, repairs, vehicle taxes, insurance, and depreciation cannot be deducted. However, other forms of travel such as taxis, train, and buses can be. Actual expenses are the costs associated to the car and its depreciation. The percentage of time the vehicle is used for business is multiplied by the total expense, which is equal to the total deduction.
Outsourcing your tax preparation and accounting to professionals who specialize in supporting insurance agents will free up valuable time for your business. Visit our website or call 757.269.9099 to find out more about how Strive Tax and Accounting Solutions can help your insurance business get the most out of your travel expense deductions.
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