Last updated: April 11, 2024 Nobody likes getting letters from the IRS, period. If you do receive one, however, you’d better act as quickly as possible in order to avoid an IRS fine, which is sometimes an enormous amount.Mileage logging is no exception: if you had claimed a business mileage tax deduction that the IRS…
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Last updated: September 15, 2023 Driving is an essential part of everyday work for millions of Americans. If you’re one of them, you might be eligible for a cost deduction on your federal income tax return. Gig workers, real estate agents, self-employed people, and small business owners are all able to deduct the miles they…
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…