stock trading education
stock trading education
Can I deduct business travel to a library for business use?
I have an LLC owned and operated only for the trading of shares. In normal work can deduct travel costs (gas costs, etc.) for commercial purposes, but I would like to know the following: Can I deduct go to the library and other educational services for professional and business education in my taxes if I go there often each week for the purpose? What kind of evidence I need to reclaim this? Only my own calculations? Thanks for your time!
if necessary to run your business that you go to the library (see that possibly would be necessary. You can do research at the library, to get the items, check stock quotes in newspapers earlier etc.) What would it take to track in that case would be the mileage to / from the library and the workplace. You have the option of taking the costs real (gasoline, car insurance, car repairs, motor vehicle excise taxes, interest car loans, records, the cost of buying the vehicle, etc.) or mileage, which for 2007 is 48.5 cents per mile. Either way you can only deduct the% of their expenses are related companies. Let's say your total mileage for the year is 20,000 miles of your business return to the library is 1,000 miles. Your% business use would 5% (1,000 companies miles/20, 000 km in total). If you took your car mileage cost would be $ 485 (1,000 business miles x .485 per mile) (if used mileage The IRS also allows you to deduct excise taxes for motor vehicles and auto loan interest, but only use% commercial). If you used your car's actual allowable costs of about 5% of total car expenses for the year. It is usually easier to take the mileage. The you should have is a kind of logbook for each day of the year to record business mileage. In addition, you should write so your mileage is January 01 and 31 December each year. So, you know the total mileage driven for the year, and the record book has business mileage driven each year. I attached a link to IRS information on business expenses.
