Tag: IRS Mileage Rate
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Bookkeeping – Auto Costs Related to Owners and Family Members (Lesson 62)
The Internal Revenue Service scrutinizes expenses that can and often are benefits to owners. The most common benefit is the use of a company owned car for personal travel including using the car to get to and from work.
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Bookkeeping – Mileage Reimbursement (Lesson 61)
Some small businesses manage transportation costs in incremental payments by utilizing mileage reimbursement. It is a very advantageous system if used correctly.
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Nondeductible Expenses in Small Business
One of the more significant expenses for the small business owners is income taxes. Since most small businesses are tax pass through entities, it is beneficial to the business to have the least amount of net income in order to reduce the tax obligations of the owner(s). This is achieved by making sure every dollar expensed…
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Mileage Deduction – Rate for 2015
On December 10, 2014, the Internal Revenue Service announced the mileage rate deduction for 2015. They increased the amount allowed 1.5 cents to 57.5 cents per mile. How do you calculate and use the mileage rate formula for tax purposes?
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Cost per Mile – The Basic Formula
In any industry, especially transportation, it is essential for the owner of a business to understand how much it costs per mile to operate his vehicle, trucks or fleet. The formula looks simple and in reality it is; but you must understand the underlying elements to truly appreciate and comprehend the calculation.
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Mileage Deduction – Rate for 2014
On December 6, 2013, the Internal Revenue Service announced the mileage rate deduction for 2014. They reduced the amount allowed one-half a cent to 56 cents per mile. How do you calculate and use the mileage rate formula for tax purposes?
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Mileage Deduction – New Rate for 2013
The Internal Revenue Service announced the mileage rate deduction for the calendar year 2013 on November 21, 2012. The new rate increased 1 cent over 2012’s rate to 56.5 cents per mile. How do you calculate and use the mileage rate formula for tax purposes?