Just the words “IRS audit” are enough to make most people roll their eyes or groan in pure agony. More specifically, business owners in particular often fear being audited by the IRS. That said, there are numerous steps people can take when they are eager to mitigate the risks of being audited. Even though there […]
Tag: Business expenses
How To Prepare for Tax Season
Want to make sure your tax paperwork is organized? Keep excellent records all year. That way, after the end of the year, you just gather applicable tax documents that arrive in the mail or become available online. Ensure you’ve received all your information forms before filing to avoid having to file an amended return later. […]
Managing Business Expenses
Every business has expenses, including manufacturing costs, rent, furniture, light bills and vehicles. These are all the goods and services that you need to keep the business running. The IRS lets you deduct these expenses in total, in part or over time, depending on how the expense is classified. Classifying business expenses isn’t rocket science, […]
The Cents-Per-Mile Rate For Business Miles Decreases Again For 2021
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a result, you might claim a lower deduction for vehicle-related expenses for 2021 than you could for 2020 or 2019. This is the second year in […]