It isn't exactly breaking news: driving a compact car, or even a small sedan is a lot cheaper than a large sedan or SUV. This is especially true if you are using this car on business, thanks to IRS standard mileage rate. Here's why: A recent report by AAA shows
If you use a part of your home for your business or for your employer’s business, you can claim a deduction for the business use of your home. This deduction is referred to as the home office deduction. There are some tests that you must meet to be eligible
In our previous post, we discussed the cases in which you can deduct your mileage expenses from your taxable income, using the IRS Mileage Rate. The IRS normally excludes home-work commute from "deductible mileage". However, there are two exceptions to this rule: 1. Home Office If your home is your
Business travelers in the USA have two possibilities for deducting expenses. Both methods involve keeping accurate records, but one may be superior to the other based on your situation. These methods are the Actual Expense and Standard Mileage Rate methods. The Actual Expense Method This method involves the recording of
A self-employed taxpayer is an individual who is in business for himself or herself, and whose business is not incorporated. You are considered self-employed if the following applies to you: * You carry on a trade or business as a sole proprietor. * You are an independent contractor. * You are a member