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Red Flags That Can Trigger an IRS Tax Audit

Red Flags That Can Trigger an IRS Tax Audit

What is an IRS audit?The IRS may choose to examine the taxpayer's accounts and financial information to ensure that all tax laws are followed. Even though the IRS only verified...

Posted by James Financial Services Inc on 04/09/2021

Virginia Beach VA Tax Pro for IRS Audit IRS Audit Tax Return Personal Income Undeclared Income Form 1099 Tuition High Business Expenses Inconsistencies Separate Bank Accounts Self-Employed Mileage Log Foreign Banks Form 8938 Business Expen
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How To Claim The Standard Mileage Deduction for Business Use of Vehicle

How To Claim The Standard Mileage Deduction for Business Use of Vehicle

Deducting standard mileage when using your car for business purposes can result in huge tax savings. Here is what the IRS 2021 mileage rate is and the IRS rules for making this deduction.If...

Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 03/09/2021

Jacksonville FL Tax Pro for Business Use of Vehicle Tax Preparer for Standard Mileage deduction IRS Mileage Rate Section 179 Vehicle Expenses Records
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Tax-Related to Business use of Vehicles.

Tax-Related to Business use of Vehicles.

One of the ways to significantly reduce your business income tax is the business use of a vehicle. It is an important entity that you can use to bring down your tax for two reasons: The...

Posted by Dennis Jao on 12/25/2020

Brea CA Tax Pro for Business Use of Vehicle Tax Preparer for Vehicle expenses Find a Tax Accountant for Business Use of a vehicle deductions Gas Insurance Depreciation Mileage
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What is the Standard Mileage Rate?

What is the Standard Mileage Rate?

The standard mileage rate, also known as daily mileage or deductible mileage, is a rate set by the Internal Revenue Service (IRS) per mile maintained by a taxpayer for business purposes...

Posted by Karen Munoz, EA on 11/24/2020

Kyle TX Tax Pro for Mileage Rate Deduction Tax Preparer for Standard Mileage Rates Find a Tax Accountant for Breakdown of Mileage Rates Mileage Rates
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The IRS Reduces Standard Mileage Rate for 2020

The IRS Reduces Standard Mileage Rate for 2020

In Dec 2019, the IRS announced that the standard mileage rate that will be used for deducting operating costs for automobiles would be 57.5 cents per mile. This is half a cent lesser...

Posted by Flynn Financial Group Inc on 02/14/2020

Middletown Rhode Island Reduced Standard Mileage Rate for 2020
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Tax Deductions to Enjoy for Rideshare Business (Lyft and Uber)

Tax Deductions to Enjoy for Rideshare Business (Lyft and Uber)

One of the most proven methods to bring down your tax return is to take advantage of tax deductions. It allows you to deduct expenses related to driving like fees and tolls taken by...

Posted by One Stop Taxes on 02/17/2021

Dallas TX Tax Pro for Ride-sharing Tax Preparer for Ride-share Drivers Lyft Uber Deductions Tracking Miles Parking Tolls Standard Mileage Gas Car Expenses Schedule C
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2020 Standard Mileage Rates Announced

2020 Standard Mileage Rates Announced

The IRS has announced the 2020 standard mileage rates for commercial, medical, and other users of a car and the 2020 vehicle values that limit the application of specific rules to...

Posted by YourIRSTaxAdvocate.com on 02/15/2020

Leesburg Florida 2020 Standard Mileage Rates Tax Preparer Tax Accountant
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New Mileage Rates for 2019

New Mileage Rates for 2019

The IRS announced on Friday (Notice 2019-2) that there will be a significant increase in 2019 for the optional standard mileage rates although it has already slightly increased last...

Posted by Valderas Financial Solutions LLC on 01/22/2019

Richmond Virginia New Mileage Rates Tax Professional Tax Accountant
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Law Change Affects Moving, Mileage and Travel Expenses

Law Change Affects Moving, Mileage and Travel Expenses

Below are changes from the Tax Cuts and Jobs Act that affect:Move related vehicle expensesUn-reimbursed employee expensesVehicle expensingChanges to the deduction for move-related...

Posted by Masterpiece Accounting Services LLC on 06/05/2018

Travel Law Changes
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