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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…

IRS Increases Business Mileage Rate

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…

Best Apps to Keep Track of Mileage

How to keep track of mileage for taxes This question keeps popping up among those who drive a vehicle for business trips and plan to file business mileage tax deductions to the IRS in order to write off their car-related business expenses after each tax year. It would be easier to start with “how not…

IRS Compliant Mileage Log

Last updated on: January 2, 2023 When it comes to staying on top of your tax returns as a self-employed person or a small business owner, keeping adequate records of your mileage is paramount. Stock advisors and accountants the world over know that advising their clients about how to follow the IRS’s requirements is a…

IRS Standard Mileage Rate 2023

Last updated on: Jan 2, 2023 The Internal Revenue Service (IRS) has announced another increase in mileage rates for 2023 for driving a car for business, medical, and moving purposes. The new IRS Standard Mileage Rates are in effect from Jan 1, 2023. What is the Standard Mileage Rate? The standard mileage rate is the…