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Mileage log tax deductions

Landlords, don’t miss out on these tax deductions

Last Updated: April 26, 2024 Buying real estate is rarely a bad decision. If you purchase a house that requires minor repairs, you’ll have an excellent return on your investment. You can renovate it and resell it or rent it out, creating continuous cash flow. But how about its tax purposes? Few know and take advantage of the tax deductions that come with real estate. Let’s take a look at what expenses you can deduct Insurance If you’re a landlord and receive rental income from your home. Your homeowners’ insurance,

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4 tips to get an 80-100% business use ratio easily and legally

Last updated on June 10, 2024 Any mileage driven with a vehicle for Business purposes is eligible for either Mileage Deduction or Mileage Reimbursement. Business Mileage Deduction can be claimed if a taxpayer uses a vehicle for Business purposes. Mileage Reimbursement is when an employer compensates an employee for the work-related miles they drive with their vehicle. Depending on the status of their employment (Self-Employed vs. Employee) taxpayers might be eligible either for a Business Mileage Deduction or a Mileage Reimbursement from their Employer. Mileage Deduction or Reimbursement can be

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