News & Articles

Follow Detailed Recordkeeping Rules for Vehicle Deductions

Posted on Wed, Apr 27, 2016

Many business owners fail to follow the strict tax rules for substantiating vehicle expenses. But if your business is audited, the IRS will most likely ask for mileage logs if you deducted vehicle expenses — and it tends to be especially critical of the amount deducted if you're self employed or you employ relatives. While the basics seem simple, there are numerous exceptions.

Read More

Tags: Vehicle, Vehicle Expense, Mileage Rate

10 Elections That Could Save Money on Your 2015 Federal Taxes

Posted on Tue, Jan 26, 2016

This year's presidential election has drawn significant attention, but the elections you make on your 2015 personal tax return can be just as important to your financial welfare. Here's a list of 10 potential elections for individuals (including self-employed taxpayers) to consider making before tax day on April 18, 2016 (or April 19 for taxpayers in Maine and Massachusetts due to their Patriot's Day observances).

Read More

Tags: Tax Extension, Sales Tax, Section 179 Deductions, Education Credits, Investment, Tax Deduction, Home Office Deductions, Mileage Rate

IRS Mileage Rates for 2015 Announced

Posted on Mon, Dec 15, 2014

The IRS has issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Read More

Tags: EHTC Article, IRS, Newsletter, Articles, Mileage Rate, Deductible Costs