If your interview was during 2017 (or earlier) and for a job in the same line of work, your mileage expenses and other expenses are deductible. You can use the standard mileage rate (53.5 cents per mile for 2017) to figure your expenses.
Thus, if you drove 1,300 miles, your driving expense is $6,995. But you may take this deduction only if you itemize your personal deductions on your tax return. Read More
When you use your car for business there are two ways to calculate your deduction: using the standard mileage rate or the actual expense method. The standard mileage rate method has remained the same and your miles are worth more in 2018. But, let’s go over how the actual expense method has changed.
Standard Mileage Rate Vs. Actual Expense Method
Most people use the standard mileage rate because it’s easier and simpler. All you do is keep track of your business mileage and deduct a set amount for each business mile. Read More
Reimbursements for expenses like mileage can be taxable for employees depending on if your business has an accountable plan. Let’s go over what an accountable plan is and the impact it can have on your business taxes.
What Does An Accountable Plan Mean?
An accountable plan is a system for handling your reimbursements or allowances for employees. It must satisfy the following requirements:
- There’s a business connection
- Employees provide some form of substantiation
- Employees return excess amounts
You know that a proper mileage reimbursement program can save your business time, money and boost compliance. Yet, we’ve seen many companies make mistakes with their programs. Here are some of the major mistakes your business should avoid.
Not Having A Clear Process
Nearly half of businesses with mobile employees don’t have a clear process or policy for mileage reimbursement. Some companies require a mileage log, while some really want one but still pay out reimbursements anyways because they don’t want to upset workers. Read More
If you’re a 1099 worker, your tax life is very different than that of employees. It’s vitally important to understand how to file your taxes when you’re a 1099 worker, or you can end up in big trouble with the IRS.
The tax reform bill, officially called “The Tax Cuts and Jobs Act,” H.R. 1, was released on Nov. 2, 2017. The bill contains many provisions affecting both individuals and businesses. If you use your automobile or other vehicle for work or business purposes, read on to learn about how it could have an impact on your mileage deduction.
If you use a personal vehicle for business reasons, you can take many deductions for your car. This potentially includes the cost of gasoline. But, can you deduct gasoline and mileage on your taxes? Here’s what you should know:
It is rare to receive a free app that keep business miles covered on tax audits for your clients. Most tax professionals are concerned how they can account for their clients business travel miles. This problem has been solved by the new App by MILEIQ. We encountered this company(acquired by Microsoft) and quickly realized it was important to get into the hands of tax professionals.
Click Here for Free Business Mileage Tracking App