Aug 30, 2023 We're inching closer to the end of summer, and as much as we want to hold onto the warm weather and beach days, we also have to keep an eye on our financial responsibilities. For self-employed individuals, freelancers, and others who don't have taxes withheld from their income, September 15, 2023, is…
Last updated on: October 24, 2023If you're a business owner or self-employed individual who uses your personal vehicle for work purposes, keeping an accurate record of your mileage is crucial. Not only can such current mileage management systems help you maximize your tax deductions, but they can also provide an added layer of protection in…
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…
June 10, 2022 The IRS has just announced a mid-year business mileage rate adjustment for the final 6 months of 2022. The new federal business mileage rate will be 62.5 cents per mile, which is a 4-cent increase from the rate of 58.5 cents that will be in force until June 31, 2022. Why is…
Last updated on October 18, 2023How to keep track of mileage for taxesThis question keeps popping up among those who drive a vehicle for business trips and plan to file business mileage tax deductions to the IRS to write off their car-related business expenses after each tax year.It would be easier to start with “how…
