ANSWER: You want to recuperate the money spent on traveling for business purposes.

ANSWER: Paying yourself feels a lot better than paying Uncle Sam.

ANSWER: It reduces the taxable income on your Schedule C.

ANSWER: Your business cannot survive without deducting miles.

ANSWER: Because $10,000 is a lot of money to leave on the table.

IRS standard business mileage rate deduction for 2008 is a staggering 58.5¢ per mile.

If you drive an average of 20,000 business miles per year, your deduction is about $10,100.

In order to utilize the standard business mileage rate deduction, the IRS requires mileage records to substantiate the deduction.

"If you prepare a record in a computer memory device with the aid of a logging program, it is considered an adequate record." IRS Publication 463 - How to prove expenses.

"You cannot deduct amounts that you approximate or estimate." IRS Publication 463 - How to prove expenses.

An IRS compliant mileage log book consists of -

- Destination

- Miles Traveled

- Business Purpose

IRS Publication 463 - Table 6-2. Daily Business Mileage Log