“How to Switch from the Mileage-Rateto the Actual-Expense Method” To get my complete articlewith all the details... If you’re using the IRS mileage-rate method to deduct your business vehicle usage, consider changing lanes. You see, switching to the actual-expense method may save you a lot of money. I wouldn’t steer you wrong, so consider this... It’s very … [Read more...]
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How Will You Deal With the New 62.5 Cents Mileage Rate?
The IRS just raised the standard mileage rates for the second half of the year. I’ll explain what the raise means to you when you read my new article. As you’re well aware every time you fill up your car at the pump, gas prices are skyrocketing. Well, lawmakers also noticed that average gas prices across the country have topped $5.00 a gallon.As a result, they took … [Read more...]
Self-Employment: A Quick Guide To Tax and Savings Issues
Thinking of becoming self-employed? Before you take the leap, read my new article. Waving goodbye to your boss and going into business for yourself sounds wonderful. And it can be. But before you make the big move, you should be aware of the consequences of your decision. And there are many consequences. The good, the bad, and the ugly. Here’s the story in … [Read more...]
Increase Your Tax Deductions Using the Business-Mileage Rule
“Increase Your Tax DeductionsUsing the Business-Mileage Rules” To get my complete articlewith all the details... Always pay attention to the rules of the road. And always pay attention to the IRS’s mileage rules of the road if you want to save on taxes. What is a mile? A distance of 5,280 feet? Well, the IRS isn’t content to answer the question simply. … [Read more...]
2021 Last-Minute Vehicle Purchases to Save on Taxes
Here’s an easy question: Do you need more 2021 tax deductions? If yes, continue on. Next easy question: Do you need a replacement business vehicle? If yes, you can simultaneously solve or mitigate both the first problem (needing more deductions) and the second problem (needing a replacement vehicle), but you need to get your vehicle in service on or before December 31, … [Read more...]