MileCatcher Blog

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Important details of Mileage Reimbursement you should know by now
Carrying through with the daily errands that come with having a business is unavoidable. As an entrepreneur, you may not have the capacity to do them yourself but that does not imply you can’t entrust them to your employees or partners. Pickups and deliveries specifically require cars to deliver and your business may not have company’s automobiles to use in these cases. That should however not curtail you from doing what you got to do. Your employees can use their own personal vehicles to help you run your business errands but ultimately provide you with their milage sheet for you to offer mileage reimbursement.
January 25, 2021
Four Reasons why you Need Precise Mileage Logs
Mileage logs keep proper records and can be used to document employees driving for business purposes. They are essential, especially for managers of remote workforces. Effective usage ensures mileage logs create a clear picture of both business and personal uses which are accurate and defensible in a situation where an audit is required. Without intending to, employers and their employees often classify mileages inaccurately, such as having the business and personal mileage in one category especially for commute miles.
January 25, 2021
IRS Audit Requirements - Mileage Logs
Motor vehicles are money-eaters — most small businesses’ biggest expense of all. Considering maintenance, insurance, gas and purchase prices, cars and trucks are larger than employee salaries. According to the latest IRS statistics, over 14% of all small business expenses are for vehicles.So, even the IRS tells us – perhaps unintentionally – that autos can produce one of your largest business expense deductions. And, a vehicle can yield thousands of dollars in tax savings year-after-year. Sharing your car expense with Uncle Sam is guaranteed to give you a warm and fuzzy feeling!
January 14, 2021
Seven Tips for the Self Employed to Thrive Financially
Self-employment is an awesome and exciting journey. But just like any other good career path, it has its own share of challenges. One of the major challenges is financial like keeping mileage forms. Here are some tips to guide you through the financial difficulties.
January 14, 2021
What Should your Business Mileage Sheet Contain?
Keeping a mileage sheet can be beneficial to you and your business. It can be a great way to incur reimbursements for work-related trips. The IRS has specified information that is required to be included in the mileage log. Forgetting to record them can result in a nightmare. You should also know that there are certain limitations in the tax code in claiming deductions.
January 14, 2021
Get Tax Benefits Straight Before your Business Travel
A lot of things can happen with a leisurely travel. Unexpectedly, reckless events can happen too if you are traveling for business purposes. This is why it is important that you get your tax benefits and perks in good shape before you fly. This might just be the most perfect time to start doing a trip log. Getting your tax deductions right will help make your next business travel a breeze.
January 14, 2021
Tax-Deducting Auto Expenses for Dummies
Motor vehicles are money-eaters — most small businesses’ biggest expense of all. Considering maintenance, insurance, gas and purchase prices, cars and trucks are larger than employee salaries. According to the latest IRS statistics over 14% of all small business expenses are for vehicles.
January 14, 2021
Company Mileage Reimbursement. How Employees Use their Personal Car for Work
As a small business owner, there’s a lot to navigate when it comes to mileage reimbursement. If you have employees who use their own car for work purposes, what are the best practices for mileage reimbursement? Small businesses can use below as a guide, or GPS, for showing them the way on how to adequately compensate for business mileage.
January 14, 2021
2021 CRA Business Mileage Rate
The Canada Revenue Agency, also referred to as CRA and the Canadian equivalent to the IRS, allows residents to deduct business mileage on a cost per kilometre basis. This is known as the CRA Mileage Rate or the Automobile Allowance Rate, and just as the U.S. Standard Mileage Rate, it is not a fixed value and can vary year to year.
January 14, 2021
2019 CRA Mileage Rate. Canada Automobile Allowance Rate.
The Canada Revenue Agency, also referred to as CRA and the Canadian equivalent to the IRS, allows residents to deduct business mileage on a cost per kilometre basis. This is known as the CRA Mileage Rate or the Automobile Allowance Rate, and just as the U.S. Standard Mileage Rate, it is not a fixed value and can vary year to year.
January 14, 2021
2021 IRS Business Mileage Deduction Rates
The Internal Revenue Service (US) has issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) in the United States will be:
January 14, 2021
2019 IRS Mileage Deduction Rates
The Internal Revenue Service (US) has issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) in the United States will be:
January 14, 2021
Big Vehicle Deductions for C Corporation & Employees
Some small businesses are organized as “C corporations.” This isn’t cost-effective for most, who go for the simpler ways of doing business as Sole Proprietorships, S Corporations or as Limited Liability Companies.
January 14, 2021
How to keep out of the IRS audit trap
After four+ decades of advising IRS audit victims, some things have become clear to me. Here are four thing I’ve learned that audits have in common: Self-employed folks, particularly those filing taxes as sole proprietorships or just “solos” are picked on more than any other
January 13, 2021
When it pays to switch to the actual mileage method
Jason is a freelance programmer and tech consultant working from an office in his condominium. In 2014 Jason drove his old Toyota Carolla 2000 miles visiting clients. Jason used the standard mileage method come tax time. His standard mileage deduction was $1,120.
January 13, 2021
Will tax deducting auto expenses increase my chances of being audited?
I’ve seen two circumstances where tax deducting vehicle expenses raises your risk of IRS-victimhood:
January 13, 2021
Is it ever Possible to Deduct Mileage for Commuting or non Business Driving
Generally, whether you drive, fly or take the bus, you can’t deduct the cost of getting to work. Commuting expenses are “personal” and as such are not deductible. However, if you drive your car, truck or van, there are five exceptions to the no deduction rule that you might fit into:
January 13, 2021
Switching Car Expense Methods to get the Biggest Tax Deduction
Keanu Kane has driven his Chrysler 300 for his professional bodyguard and cat-sitting operation for the past three years. Come tax time for 2015, Keanu naturally wants to go with the method of deducting his car expenses will give the largest tax savings—either the Actual Expense method or the Standard Mileage Method. Of course, Keanu has wisely been using the MileCatcher app, and so he knows exactly the number of business miles he has driven while guarding bodies and sitting cats.
January 13, 2021
Three times when you can't choose the standard deduction method
There are three times when you must choose the Actual Expense method instead of the Standard Mileage method for deducting your vehicle expenses:
January 13, 2021
What is the Procedure for Estimating Business Miles?
If you are looking to reduce your overall tax burden, you should maximize your deductions on business mileage. Every year, IRS announces a standard rate of deductions for calculating tax deductions. You need to estimate the total miles covered for business purposes to claim these deductions. In this regard, you can use the mile estimator tools that help in making calculations according to IRS rules and regulations for mileage deductions. This article provides the complete procedure of mileage estimation for a particular tax year:
January 13, 2021
UK HMRC Business Mileage Rates for 2020-2021
The HMRC AMAP rates for 2020-2021 are in. The rates apply for any business journeys you make between 6 April 2020 and 5 April 2021. They’re identical to the rates that applied during 2019-20. In fact, the last time AMAP rates changed was in April 2012, when the AMAP rate for the first 10,000 car and van miles rose from 40p per mile to 45p per mile.
January 13, 2021
Real Estate Agent Mileage Deduction Strategy. Mileage Rate for Real Estate Agents
Most real-estate agents are self-employed and the mileage deduction is one of the biggest tax deductions you can claim. Thus, you should be keeping detailed records of your mileage to take full advantage of this opportunity.
January 6, 2021
UK Business Mileage Rates for 2019-2020
The HMRC AMAP rates for 2019-20 are in. The rates apply for any business journeys you make between 6 April 2019 and 5 April 2020. They’re identical to the rates that applied during 2018-19. In fact, the last time AMAP rates changed was in April 2012, when the AMAP rate for the first 10,000 car and van miles rose from 40p per mile to 45p per mile.
January 6, 2021
6 Mistakes Companies Make with Employee Mileage Reimbursement
Having a proper employee mileage reimbursement program in place for your employees can save time and money as well as improve compliance with IRS. Here, we’ll discuss the most common mistakes we see, and how to avoid them.
January 6, 2021
Should you buy a company car when you are self employed?
If you are thinking of buying a company car when self-employed, then you should be aware there are significant tax deductions you can take advantage of. These deductions may influence the type of vehicle you want to purchase, so it is paramount to inform yourself before making such a big investment. Switching car deduction method can provide you an even bigger saving over time. See this blog article for more details.
January 6, 2021
Real Estate Agents can now cut their administration time!
You want to be in the real estate business, but is there a specific sector of the business you’d like to be in? For instance, do you want to specialize in residential properties, commercial properties or foreclosures? Or maybe there’s a specific demographic you’d like to cater to. Once you have that answer, you’ll have a better idea of how to utilize time and resources. Did you know most real estate agents drive more than 20,000 miles a year for business! If you want to keep track of how much business traveling you do, take a closer look at MileCatcher.
January 6, 2021
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