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
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...
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...
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...
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
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...
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
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
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