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Tax News and Tips
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Cell Phone Deduction
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Cell Phone Deduction has changed, you may no longer deduct the monthy premium even if used mainly for business. The only way you may deduct cell phone usage is to have an accurate log book, that indicates the ff: Date of Call, Tel. No. Called, Purpose of Call, How many minutes was that call, and how much did the call cost. You are required to keep a log book, without this you may not deduct any cell phone costs, or else you will be at high risk of audit. If you do not have a log book, have a copy of your bill for the total 12 months and highlight and total all calls made that are strictly for business use.
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Vehicle Donation
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Vehicle Donation has changed too. You can no longer deduct the Kelly Blue Book Value of the vehicle you donated. Upon donating your vehicle to any institution, they will auction your vehicle, and once the vehicle is auctioned you may claim the total value of the auction amount. The institution must provide you with a written valid receipt.
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