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Contemporaneous Mileage Log: Max Out Tax Savings

Last Updated: October 24, 2024If you're a business owner or self-employed individual who uses your personal vehicle for work purposes, keeping an accurate record of your mileage is crucial. Not only can such current mileage management systems help you maximize your tax deductions, but they can also provide an added layer of protection in case…

IRS Publication 463: Car-Related Business Expenses & Deductions

Last updated on October 18, 2023 IRS's Publication 463 describes what costs are deductible, how to include them on your tax return, what documents you need to show your expenses, and how to handle any refunds you could get for your expenses.In this article, we've collected the most essential information you need to know as somebody…

Car Allowance: The Ultimate Guide

Last updated: January 16, 2025  Managing work-related travel expenses is a significant concern for many employees and employers alike. One common solution is the car allowance, a financial perk designed to cover the costs of using a personal vehicle for business purposes. But what exactly is a car allowance, and how does it work? This…

IRS Mileage Guide: The Manual to IRS-Proof Mileage Logging

Introduction If you drive a car for business, you could be eligible to claim the expenses on your federal income tax return. Therefore, whether you're a mobile financial planner who travels to clients all over the place or a DoorDash driver who delivers meals, you may write off the miles you rack up while operating…

Mile Logging App: How to Choose the Right One for Your Needs

Last Updated: April 8, 2024  There are tons of miles trackers on the market, so it’s pretty hard to decide which app to track mileage and expenses with. In this article, we’re trying to help you make up your mind to make the right choice depending on your mileage logging needs. What is a mileage log…