If you’ve ever worried about facing an IRS penalty, you’re not alone. Tax penalties can be frustrating, and understanding how they work can save you time, money, and stress. In this guide, we’ll break down the most common IRS penalties, how they’re calculated, and what you can do to avoid them. We’ll also cover relief options, how to pay any IRS penalty online, and other essential topics like dealing with missing tax documents and the importance of keeping accurate mileage logs for deductions. Whether you’re worried about an IRS penalty

Last updated on Febraury 20, 2024  Understanding IRS audit triggers is crucial for anyone filing taxes, especially for self-employed individuals and small business owners. An IRS audit can be time-consuming and stressful, but being aware of common triggers and maintaining accurate records can significantly reduce your risk. In this article, we’ll explore key IRS audit triggers and how MileageWise plays a vital role in ensuring compliance, particularly in mileage logging. We’ll also provide comprehensive FAQ sections for certain topics and a best practices section to address your doubts and enquires.

Last updated on October, 2023  Hey there, fellow drivers! Did you know that the IRS is always watching you? That’s right; they’re keeping an eye on your mileage records to make sure you’re not cheating on your taxes. If you’re like most people, keeping accurate mileage logs can be a real pain in the neck, but an IRS mileage audit for you as a self-employed individual is even more so…especially if you’re not aware of the IRS mileage audit requirements. But fear not, MileageWise is here to save the day

Last updated on October 18, 2023  IRS’s Publication 463 describes what costs are deductible, how to include them on your tax return, what documents you need to show your expenses, and how to handle any refunds you could get for your expenses. In this article, we’ve collected the most essential information you need to know as somebody who drives a car in order to create revenue. Which part of Publication 463 is about car-related deductions? Section 4 of Publication 463 provides guidance on tax deductions related to car expenses. The

Last updated: October 17, 2024 If you use your personal vehicle for business purposes, the IRS allows you to deduct a portion of the expenses incurred as a tax write-off. To claim these deductions, you must keep a detailed record of all business-related miles driven, known as a mileage log. Keeping an accurate mileage log ensures you can maximize your deductions while complying with IRS mileage log requirements. In this article, we will guide you through the IRS mileage tracking requirements, explain the importance of maintaining mileage documentation, and answer