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IRS

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IRS Compliant Mileage Log Requirements: Definitive Guide 2025

Last updated: February 17, 2025 If you use your personal vehicle for business purposes, the IRS allows you to deduct a portion of the expenses incurred as a tax write-off. To claim these deductions, you must keep a detailed record of all business-related miles driven, known as a mileage log. Keeping an accurate small business mileage log ensures you can maximize your deductions while complying with IRS mileage log requirements. In this article, we will guide you through the IRS mileage tracking requirements, explain the importance of maintaining mileage documentation,

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IRS Mileage Guide: The Manual to IRS-Proof Mileage Logging

Introduction If you drive a car for business, you could be eligible to claim the expenses on your federal income tax return. Therefore, whether you’re a mobile financial planner who travels to clients all over the place or a DoorDash driver who delivers meals, you may write off the miles you rack up while operating a vehicle for work. In this article, we’ve collected essential information and guidance on how to track mileage for taxes. Let’s start with the basics: How does IRS mileage deduction work? Small business owners and

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Can I Switch From Actual Expenses to Standard Mileage?

Last Updated: September 2, 2024 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 are the standard mileage rate and the actual expenses method. Each has its pros and cons, and figuring out which one is more beneficial for your business income depends on several factors, which

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IRS Doubles Workforce?

October 14, 2021 The IRS will bring in much more revenue if Congress agrees to the Biden administration’s request to increase the agency’s budget over the next decade. Will it increase the number of IRS audits? How is it going to affect your financial status? Officers Reinforced In a report issued recently, the Congressional Budget Office stated that the administration’s plan to raise IRS funding by $80 billion over the next decade would increase revenue by roughly $200 billion over the same time period. The majority of the funds, almost

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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 is about 1% of all tax returns filed. And while those with higher incomes (above $500,000) had a greater chance of being audited, about 300,000 low-income tax return filers who claimed the earned income tax

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