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Can I Switch From Actual Expenses to Standard Mileage?

June 13, 2022 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 - these…

“How Can I Save $12,000 A Year?”

Oct 25, 2021 In today’s world, it’s crucial that you take good care of your business and have savings. Brent’s got a brand new video about how a MileageWise user invested $360 in his Mileage Log, using our Gold package, and could claim $12,000 for Mileage Tax Deduction. It raises a few eyebrows for sure,…

Biden Tax Plan: Mileage Logs can become Invaluable

April 22, 2021 Under 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…

IRS Fines and Penalties for Insufficient Mileage Documentation – Explained

March 18, 2021 In our experience the following types are common among Taxpayers: Taxpayers who do not have Mileage logs despite the fact that they have claimed Business Mileage Deduction on their taxes in the previous tax years; Taxpayers who  only recorded their Business miles but not their Personal ones; And Taxpayers who thought that…