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Gimme A Break

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  • Posted on 14th Sep, 2022 00:32 AM

Employment Law, business - Gimme A Break - Entrepreneur.com

This story appears in the December 1998 issue of Entrepreneur. Subscribe »

Sometimes the rewards of travel seem few and farbetween. There's the ever-present benefit of accumulatingfrequent-flier miles, the occasional free trip, and maybe anupgraded from time to time. But one place most businessowners who travel regularly don't look for a dividend is ontheir tax returns, according to Jeff Schnepper, author of How toPay Zero Taxes (McGraw-Hill). "There are a lot of thingsthat get overlooked," he notes.

Such as? Perhaps the single most glossed-over deduction, saysSchnepper, is your car. Or, more precisely, your cars. Manyentrepreneurs will deduct only one of the personal automobiles theyuse for business travel, even though they may use a second one forwork as well. Schnepper says it may be more -effective to writeoff a percentage of one car and a percentage of another instead ofbasing your deduction on one car only. The also allowsyou to deduct depreciation and numerous other expenses, such asmaintenance or even the price of an audio entertainmentsystem, in certain cases.

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