The IRS says that to deduct your mileage as a business expense on your tax return you must keep a record of your business trips during the year and the total miles your drive. This is often used for the mileage deduction for business use of a personal car. But, what happens if you use your business car only for work purposes? Do you still need a mileage log?
When it comes to tracking your miles for taxes, we often talk about the mileage deduction and the mileage reimbursement. But there are other tax reasons to keep a mileage log. Let’s dive into the medical expense deduction and what role medical mileage plays. We’ll also discuss who can take this deduction, as well as what records you have to keep.
A write-off, or a tax deduction, can be quite useful for taxpayers of all kinds. It’s particularly handy for those who are self-employed, including small business owners. How does a write-off work? Let’s go over what it is, as well as some tips on how to lower your taxable income.
If you drive your car for work, you can take a mileage deduction on your taxes. Yet, many people don’t know the IRS has some strict rules on what is deductible business driving. There’s no such thing as a “commuting to work tax deduction.” But there are circumstances where your drive from home could be tax deductible. Learn about the IRS commuting rule.
Taking the standard deduction is one of the simplest ways to lower your tax burden. Can the self-employed take the standard deduction? Read on to learn more about the standard deduction, who is eligible to claim it and if it’s worth it for freelancers and small business owners.
The mileage deduction is one of the largest tax savings you can get if you use a personal car for business purposes. But, there are various vehicle-related deductions for the self-employed. Let’s go over the parking deduction and see how it can impact your tax bill.
Hopefully, you’re already tracking your miles in order to get the largest mileage deduction you’re entitled to. (If you are not, click here to start.) But, what counts as a business drive? Let’s go over what trips the IRS considers as business drives and what it doesn’t.
The mileage deduction is a great way to save on your tax bill. But there are some misconceptions about this valuable deduction. Let’s go over some facts and myths about the mileage deduction.
Myth: You Need An Odometer Reading for Every Trip
For Mileage Monday, we’re happy to spotlight the amazing work MileIQ users do every day. If you’d like to recommend someone, please let us know on Twitter @MileIQ. This week, we’re excited to speak with Ralph Ercolano, owner and operator of Surrogate Son, a senior advising service. See how taking care of seniors can lead to a lot of miles on the road.
If you drive a personal vehicle for business purposes, the business mileage deduction is a great way to save money on your tax bill. But the HMRC won’t just take your word for it, it needs proof. Here’s what the HMRC will want in your mileage log.
MileIQ is excited to speak with Denton Farley, CEO of Fly Consulting. His company helps small businesses manage their tech. See how he uses tech to manage his own thriving company and how MileIQ makes the process of tracking miles that much easier.
Our mission is to make dreaded tasks like mileage tracking easier, even delightful, so you can focus on what matters. That’s why we’re happy to say we’ve launched MileIQ for the United Kingdom. U.K. residents can now rely on MileIQ to automatically track, log and calculate the value of drives for tax or business purposes.
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