A tax deduction is allowed for each mile driven for tax purposes when using your personal vehicle for business purposes.
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 […]
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 […]
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. So how do you calculate and use […]
The sole proprietorship is taxed at the individual tax level. Basically, the income earned during the calendar year is calculated on Schedule C of Form 1040. The final number is transferred to the front page […]
If you are seeking the mileage deduction rate for calendar year 2014, go to this article: Mileage Deduction Rate for 2014 . The Internal Revenue Service announced the mileage rate deduction for the calendar year 2013 […]