If you use your personal vehicle for business, you may qualify for valuable tax deductions. For 2025, the IRS standard mileage rate is 70 cents per mile—but that’s just the start. Learn the difference between the standard mileage rate and actual expense method, and discover commonly overlooked deductions like loan interest, property taxes, tolls, and parking. Whether you're self-employed or own a small business, these tips can help you maximize your tax savings.

Forming an LLC as a sole proprietor protects personal assets, offers tax benefits, boosts credibility, and ensures smooth wealth transfer.

Maximize savings and minimize stress with these 10 essential tax planning tips for sole proprietors to reduce your tax liability.