8 important warnings on business tax deductions

12/11/2011 | Fox Business Small Business Center

A recent case involving a television news anchor emphasizes the importance of understanding what business expenses you are allowed to deduct on your taxes, Bonnie Lee writes. To make sure you know how far you have traveled for the purposes of deducting business use of your vehicle, record your odometer readings at the beginning and end of the year, she recommends.

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