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Car Depreciation: A Comprehensive Guide to Mitigating Value Loss

February 27, 2024 Understanding 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, 2024 Navigating 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: June 14, 2024Using 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 - these…

What to do when you realize you should’ve kept a mileage log?

September 5, 2019 Before the tax year ends, there's a chance you have to face a few unpleasant surprises. If you have a small business, or you're an independent contractor or a freelancer most of the tax-related administration is something you have to do for yourself. Even if you have an accountant, they might not…