# FIRSTAX SAVES YOU TAXES

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1 FIRSTAX Your Tax Advisors for Life 1221 McKinney, Suite 3275 Houston, TX TEL & FAX TEL FIRSTAX SAVES YOU TAXES A TAX SAVING WORKBOOK FOR INDEPENDENT SALES CONSULTANTS & DIRECTORS

3 AUTOMOBILE EXPENSES DRIVING YOUR OWN AUTOMOBILE: There are two (2) alternate methods to calculate the tax deduction for the business use of your personally owned, or leased, automobile: The per-mile method, or The actual expense method Either way, YOU MUST KEEP A LOG OF THE MILES YOU DRIVE THAT ARE BUSINESS RELATED! This includes: WHO you drove to see WHY you drove to see them (the business purpose) HOW MANY MILES you drove THE DATE you drove A Mileage Log is a must! Buy one from an office supply store and use it! If you use the per mile method, once you have computed the number of business-related miles driven, you take the number of business miles times \$.56 per mile through 01/01/14 through 12/31/2014. Business Miles X \$0.56 = (Deduction) TYPICALLY, THE ACTUAL EXPENSE METHOD WILL GIVE YOU A HIGHER TAX DEDUCTION! If you use the actual expense method, you must also compute the TOTAL number of miles you drove your car in the year. Then divide the Business miles by the Total miles to get the BUSINESS %. Business Miles Total Miles = (Business %) You must also compute the actual expenses of operating the vehicle for the ENTIRE YEAR! Gasoline \$ Repairs & Maintenance \$ Insurance \$ Interest on Car Loan \$ License and Inspections \$ Lease Payments \$ Other (describe) \$ Total Expenses \$ X Business % = \$ (Deduction)

9 OTHER ORDINARY & REASONABLE BUSINESS EXPENSES Freight, Postage, and Delivery Insurance Interest on Credit Cards and Bank Loans related to your business. Legal and Accounting Fees (Including tax preparation!) Meals and Entertainment Office Supplies Promotions and Prizes Rent on Equipment and Meeting Rooms Repairs and Maintenance Seminar and Other Training Travel Wages and Salaries Equipment and Furniture purchased for your business SPECIAL NOTE: IRS now allows up to \$ per day for deductions even if you do not have a receipt. What you must do to claim this deduction is write down in your day-timer, or similar document, the date, time, person for whom the expense was made, and why it was business-related. BE SURE TO SUMMARIZE ALL OF YOUR INCOME AND EXPENSES RELATED TO YOUR BUSINESS INTO YEAR-TO-DATE TOTALS AT THE END OF THE YEAR USING OUR TAX INFORMATION ORGANIZER LOCATED IN THE LIBRARY AT

### Use of the words Mary Kay, Mary Kay Cosmetics or MK on your accounts is not authorized with the exception of those offered through MKConnections.

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