You may be self-employed and use your own vehicle to drive far fewer miles for business reasons, but even so, you should still claim your mileage allowance. After all, as well as fuel costs, business journeys help to cause wear and tear that can lead to expensive maintenance and repair ...
Some jobs require more driving than others. Whatever you do for a living, and whether you’re employed or self-employed, it’s always a good idea to keep track of how much driving you’re doing for work. The mileage adds up, and you can use this to prove to HMRC that they need to...
Regularly maintain your fleet. Keeping your vehicles properly maintained, especially the engines, can lead to an average gas mileage increase of 4%. (FuelEconomy.gov) Again, it may seem small, but if maintained regularly it can and will save you a lot in the long term. To remove the stre...
It's actually pretty easy to figure out what you can deduct, in terms of mileage or vehicle costs each year. If you're getting reimbursed by your employer or client for commuting miles, make sure you know how to calculate miles for work to get your maximum benefit. ...
If you’re in the market to lease a car, you’ll want to make sure you understand what it means, how a lease works, and how much it costs first.
I have a personal stay planned before/after my in-person work travel that was cancelled. I was originally planning to have the company cover airfare costs to and from the destination. What are my options? You can choose to continue your personal stay by covering your airfare cost out-of-po...
It’s also worth negotiating the vehicle’s annual mileage allowance to get more wiggle room. This is especially worth the effort if you know you will be driving a lot. 5. Improve your credit score There are several ways you canimprove your credit scorefairly quickly: ...
In that case, you must have receipts and relevant documentation pertaining to the costs of driving in a tax year. The actual expense method takes into account lease payments, insurance, parking, gas costs, and even depreciation. Step 5: Keep your mileage log safe With MileIQ’s assistance,...
Once you send Forms W-2 to your employees, you don’t have to worry about the annual form until next year. Or, do you? If you don’t know how to fill out Form W-2, you may run into problems. Your employees might come to you with questions about Form W-2. And, your employees...
Taxpayers have the option of using the IRS mileage allowance to calculate how much it costs to own and operate a car for tax-deductible purposes during a given tax year, but it's not required. Taxpayers also have the choice of calculating the actual costs of using their vehicle rather than...