Sales people can save money by keeping records

If you are an outside salesman and use your vehicle, you can deduct those miles on your income taxes. The IRS allows an amount of money for each mile driven for work purposes that are not reimbursed by your company.

I know outside sales people that drive between 25,000 and 45,000 miles each year and that amounts to between $12,000 to $20,000 in deductions off your taxes. That is significant.

The IRS has only one requirement, you must document all the miles you claim on a daily basis. It’s easy and does not take any time at all.

In the video I didn’t even touch on cell phones and many other deductions that can save you money on taxes. Maybe another day.

Do you track your expenses and mileage? How do you do it? On paper or electronic?

4 thoughts on “Sales people can save money by keeping records

    1. Larry Hendrick Post author

      Yeah, Texas causes a lot of issues for companies. My recently former company never got used to it. They had requirements, but hated paying what it cost to accomplish. They began cutting back and then complained at the results.

      Then they would ask me to do something without thinking about what was required. My territory, driving from one end to the other was about 16-17 hours and 6-7 hours wide. Soooo … just run over to so-and-so and take care of something. Okkkaaaayyy, that’s about a nine hour drive … Oh, never mind … etc.

      Reply

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