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expenses

A collection of 12 posts

How to Report Vehicle Expenses for IRS Tax Deduction

How to Report Vehicle Expenses for IRS Tax Deduction

The IRS provides several methods for reporting vehicle expenses. The simplest method is the standard mileage rate. Here's what you'll need in order to report vehicle expenses at tax time.

Why You Should Use an App to Track your Miles

Why You Should Use an App to Track your Miles

Transportation costs money, and whether you're driving your car, cycling to work or using public transit - your work-related trips are business expenses and are therefore tax deductibe. This means that you can get those expenses reimbursed, tax-free.

How to Calculate Vehicle Depreciation based on IRS Guidelines

How to Calculate Vehicle Depreciation based on IRS Guidelines

If you own a vehicle that is used for business, you can claim vehicle depreciation as a business expense. In this article, we cover when and how you can do this.

IRS Standard Mileage Rates 2018

IRS Standard Mileage Rates 2018

The IRS has recently published the standard mileage rates for 2018. Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: * 54.5 cents for every mile of business travel driven, up 1 cent from the rate

Top 5 business expenses!

Top 5 business expenses!

When starting out there are many costs to take into consideration. Here are our top 5! 1. Office Space: Rent, bills, maintenance, and all other manors of office upkeep are the single greatest cost when starting out. Finding office space is only the start. Managing the fit out, complying with

6 ways to reduce employee expense fraud!

6 ways to reduce employee expense fraud!

1. Align Policies: If the company doesn't have an employee expense policy then how can the employee be held accountable. The policy should contain all forms of prohibited activity, that way there’s no miscommunication and both sides can be held accountable. 2. Education: Educate employees on the correct way

Are you accurately logging expense mileage?

Are you accurately logging expense mileage?

In a previous job, I regularly worked at other offices. My role required me to travel most weeks and as a result, I was temporarily relocated to an office 65 miles from home. I was able to claim 45p per mile and 5p extra for any colleagues that also required

5 ways to manage your business mileage!

5 ways to manage your business mileage!

1. Pen and Paper: Outdated, time consuming and inaccurate however, much of the UK still logs business mileage for tax reimbursement manually. Remember, all UK mileage logs need to be kept for 5 years - that's a lot of trees! 2. Spreadsheet: A step up from pen and paper and

Tax Code for the Traveling Corporate Salesperson

Tax Code for the Traveling Corporate Salesperson

Are you a traveling corporate salesperson? You know, someone who's constantly on the go. Flights and cars and hotels. You're an unsung hero, and you deserve a reward. Enter tax code policy. Not paying taxes isn’t the reward, paying LESS than you may have thought you had to is.

10 Countries That Let You Deduct Mileage Expenses

10 Countries That Let You Deduct Mileage Expenses

If you travel on a daily basis, you may be eligible for a hefty tax return on your travel expenses. Several countries around the world accommodate for tax-deduction of travel expenses for various purposes. Within each country, you will find clear regulations defining which expenses are deductible, who can deduct

2 Cases of Driving To and From Home That Are Tax-Deductible

2 Cases of Driving To and From Home That Are Tax-Deductible

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

Classify trips with Psngr 2.2

One of the prominent new features in Passenger v2.2 is trip classification. It's easy: just add a note with tags to your trip. Here's how: Last week I logged a return trip from the office to a client in the city. I opened the trip details and added the