Last time in Part 1, we looked at the 2 different ways to expense business miles. Today, we will take a closer look at which miles are defined as business and what are the requirements to use the Standard Mileage Deduction. We will stay focused on the rules that affect business owners and the self-employed, … Continue reading Expensing the Extra Mile Part 2: Rules of the Road
Despite the wording of this post’s title, you should only expense your actual miles! This series “Expensing the Extra Mile” is going to look at how IRS rules can benefit you as a business owner or 1099 contractor who uses a personal vehicle for business purposes. In this post, we examine different methods to calculate … Continue reading Expensing the Extra Mile: Part 1 Choose Your Path
There is a look. When an accounting person reveals his profession to a non-accounting person, this disclosure is often followed by a look. Eyes glaze over and a general fear of numbers and vaguely familiar jargon consume the other person. Math Paralysis? In actuality, accounting is more about finding all the numbers and figuring out … Continue reading It’s Not Counting!