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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…

Biden Tax Plan: Mileage Logs can become Invaluable

April 22, 2021Under President Joe Biden’s new proposed tax plan tax rates for individuals whose income is $400,000 and higher would increase while corporations would also be subject to a new minimum tax on book income. The Social Security tax would be extended to higher income levels and the estate tax exemption would be reduced…

TripLog vs MileIQ? MileageWise vs Hurdlr? See For Yourself

Last updated on: January 18, 2022See why Wise people choose MileageWise! MileageWise TripLog MileIQ Everlance Driversnote SherpaShare Hurdlr Excel User Ratings (Trustpilot) N/A N/A N/A N/A N/A iOS App User Ratings Android App User Ratings Average Possible Business Mileage Deduction $12,000 $6,300 $6,500 $6,500 $6,000 $5,600 $5,600 $200-$2,000 Imports Trips and locations from Google Timeline…

The Benefits of Using a Real Mileage Log Generator

Last updated on: March 13, 2024If you are a business owner or contractor, maintaining accurate business mileage records is crucial for maximizing tax deductions and staying compliant with IRS regulations. However, the process can be time-consuming and fraught with potential errors.Has it ever happened to you that you’ve forgotten to keep mileage records, but at…