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…
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…
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…
Last updated on October 18, 2023In our experience the following types are common among Taxpayers:Taxpayers who do not have Mileage logs even though 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 the Data in…
Last updated on: March 27, 2023 According to Publication 463 of the IRS which describes what your Mileage log should consist of: "If you use your car for both business and personal purposes, you must divide your expenses between business and personal use. You can divide your expense based on the miles driven for each…
