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Car Depreciation: A Comprehensive Guide to Mitigating Value Loss

February 27, 2024Understanding the Basics of Car DepreciationEver noticed how your shiny new car seems to lose its luster (and value) the moment you drive it off the lot? Welcome to the ever-present world of car depreciation, a crucial factor that every vehicle owner should be mindful of. Let's dive into what car depreciation is,…

Writing Off Your Car for Business: The Complete Guide

February 22, 2024Navigating the financial perks of writing off a car for business use can be challenging. Whether you're considering a business vehicle write-off for the first time or looking to maximize your deductions, understanding the ins and outs can lead to significant tax savings.Let's dive into how you can leverage this opportunity to benefit…

Commuting Miles: The Secrets of Efficient Commuting in America

Last updated: Feb 14, 2024  Commuting in the United States is an integral part of daily life for millions of Americans. Whether it involves navigating urban traffic, relying on public transportation, or even telecommuting, the way Americans get to work and back home has a significant impact on their daily routines, quality of life, and…

Can I Switch From Actual Expenses to Standard Mileage?

Last updated: April 26, 2023 Using a car for business generates a significant amount of expenses for those who drive their vehicle to create revenue, leaving many wondering how to deduct mileage on taxes. The Internal Revenue Service (IRS) offers 2 ways to calculate how much you can deduct from those expenditures each tax year…

What should you do when the IRS comes knocking on your door?

May 31, 2021 A recent article in Forbes summarized a lot of our thoughts on IRS Audits. We would like to take the chance and publish it without amendments. According to the Internal Revenue Service (IRS), about 850,000 tax returns were audited for 2015, which was the most recent year for which it’s published data. That…