MileageWise Blogtax

Can I Switch From Actual Expenses to Standard Mileage?

Last updated: June 14, 2024Using a car for business generates a significant amount of expenses for those who drive their vehicle to create revenue, leaving many wondering how to deduct mileage on taxes.The Internal Revenue Service (IRS) offers 2 ways to calculate how much you can deduct from those expenditures each tax year - these…

Biden Tax Plan: Mileage Logs can become Invaluable

April 22, 2021Under President Joe Biden’s new proposed tax plan tax rates for individuals whose income is $400,000 and higher would increase while corporations would also be subject to a new minimum tax on book income. The Social Security tax would be extended to higher income levels and the estate tax exemption would be reduced…

What you should do if you forgot to track your mileage

Last updated: April 25, 2023 Many drivers forget to track their business miles, while others simply don't have the faintest idea of what to record. If you don't have a clue what you are doing, mileage tracking can be a terrible experience. Since mileage is deductible, it’s important to track miles and keep a driving…

What to do when you realize you should’ve kept a mileage log?

September 5, 2019 Before the tax year ends, there's a chance you have to face a few unpleasant surprises. If you have a small business, or you're an independent contractor or a freelancer most of the tax-related administration is something you have to do for yourself. Even if you have an accountant, they might not…