If you own a small business, you need to keep business records. These can include digital or hard copies. They may contain financial information and licenses. Business record retention is necessary for your annual tax filings. It’s also necessary for potential audits.
What Are Business Records?
You know saving business documents is important. Now, you need to figure out what documents to save. The term “business documents” can refer to many things, including: Read More
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:
How to Organize Finances for Freelancers
The best way to organize your finances as a freelancer is to become more aware of both your business expenses and your personal expenses. This means that every month you should have a month-end budget/financial statement for your business as well as one for your personal life. This will help you understand your cash flow and organize your finances.
In order to create these month-end statements, you’ll need to organize your finances using the following three steps:
A mileage reimbursement program can be key for many businesses. But, often employees ask, “What expenses does a mileage reimbursement cover?” Let’s go over that, as well as some tips for a great reimbursement program.
What’s Included In The Mileage Reimbursement?
The mileage reimbursement covers the cost of operating a personal vehicle for business reasons. This includes the cost of things like gasoline, oil, maintenance and wear-and-tear.
Your business can decide how to handle other driving-related expenses. This may include the costs of parking and tolls.
The IRS wants you to keep a “contemporaneous” mileage log. But, what does that actually mean? Let’s go over a recent court case to see what records you need to keep.
What Does The Tax Court Want From A Mileage Log
The Tax Court has reminded all business owners that you can’t wait until you’re audited to create records of your business mileage. Read More
If your business has employees who use personal vehicles for work reasons, you may consider a car allowance policy. Let’s go over what this means and how you can decide if it’s the right move for your organization.If your business has employees who use personal vehicles for work reasons, you may consider a car allowance policy. Let’s go over what this means and how you can decide if it’s the right move for your organization. Read More
If you drive a personal car for business reasons, your employer may provide a mileage expense reimbursement. Here’s a quick explanation on how you calculate your reimbursement.
How to Calculate Mileage Expenses Reimbursement
You’ll want to keep a mileage log book of all your drives. Nowadays, companies prefer a digital mileage log like those generated by MileIQ. Make sure you’re including: Read More
MileIQ is a great way to automatically track your business drives for the largest mileage deduction you deserve. But, did you know you can also write off MileIQ on your taxes?
Why Can You Write Off MileIQ
If you’re self-employed, a freelancer or run your own small business, the IRS lets you deduct virtually any reasonable business expense. The only conditions are that these costs are: Read More
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