With the new tax law raised in 2018, the standard deduction amount nearly doubled and with this, the number of taxpayers that itemize has reduced. This was a significant decrease from...
Posted by The TaxAdvocate Group, LLC on 07/17/2021
In estimating the business use of a vehicle, there are two methods. One needs to calculate the vehicle expenses using each mode and select the most significant deductions approach. The...
In many cases, reimbursement of mileage is not compulsory in the United States even though there is a yearly Standard Mileage Rate for employers and their workers categorized as follows:With...
Posted by Tiffany Gaskin on 05/24/2021
This historic pandemic triggered a 25% rise in the freelancing market last year in which many people turned to work from home to supplement their income. For long-time gig workers...
Posted by Income Taxes and Bookkeeping LLC on 05/19/2021
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
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
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
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
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
