Auto Expenses – TaxMama.com

AskTaxMama Newsletter, Tax Quips, Auto Expenses, Back-Up Withholding, Bankruptcy, Business, Depreciation, Employer ID Number, Estimated Taxes, Exempt Organizations, IRS News, ITIN, Non-Profit, Non-Profits, Sec 199A - Small Business Income Deduction, Social Security and SSDI, SSNs, Withholding

Small Business Week

Posted on May 10, 2019 by TaxMama

10
May

TaxMama® welcomes you to Small Business Week! The IRS has been sending out all kinds of helpful information. (You know – I’m from the IRS and I’m here to help you!) Dear Family, It is, indeed, Small Business Week. And since many of you own your business, or run a business or profitable hobby […]

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AskTaxMama Newsletter, Tax Quips, Auto Expenses, Depreciation, IRS News, Mileage

2019 Mileage Rates

Posted on December 14, 2018October 20, 2021 by TaxMama

14
Dec

Normally, the IRS releases the next year’s mileage information by the end of October. This year, we’re feeling lucky to get it in mid-December.

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AskTaxMama Newsletter, Tax Quips, Auto Expenses, Charities, Contributions, Medical, Mileage, Volunteering

2016 Mileage

Posted on March 21, 2016November 5, 2021 by TaxMama

21
Mar

TaxMama® and Ken Jeffries interview: LISTEN TO PODCAST: [s3audio url=”https://taxmama.audioacrobat.com/download/TaxMama_1-2016_Mileage.mp3″ /] Ken: It’s TaxQuips Time from TaxMama.com . Today TaxMama covers deductible mileage. What kinds of mileage are deductible by individuals and businesses?buy fluoxetine online https://www.mobleymd.com/wp-content/languages/new/fluoxetine.html no prescription TaxMama: Actually, there are four ways to take advantage of vehicle-related deductions: Medical mileage Moving Mileage Job […]

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AskTaxMama Newsletter, Tax Quips, Accounting Method, Accrual Basis, Auto Expenses, bank account, Bookkeeping, Business, Business Expenses, Business Taxes, Corporations, Estates and Trusts, Estimated Taxes, Form W-2, listed property, partnership, Payroll, Record Keeping, Sales taxes, State Taxes, Tax Professionals

Business Tax Returns

Posted on September 8, 2015February 22, 2016 by TaxMama

08
Sep

Today TaxMama® wants to talk about the upcoming tax filing deadline on September 15th for calendar year entities. Returns that are due include partnerships, corporations – C & S, certain estates and trusts. It’s important to know what to get ready for your tax pro or you.

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*Tax Quips, Auto Expenses, Business Expenses, Depreciation, Ordinary and Necessary, Section 179

After-Market Parts

Posted on August 5, 2013 by TaxMama

Today TaxMama® hears from George in the TaxQuips Forum, with this question. “I just bought a new truck to use for business use and I have a few questions: 1. I want to add a few after-market parts – running boards, heated seats, and heated steering wheel. Will I be able to deduct the cost […]

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*Tax Quips, Auto Expenses, Deductions, Lease Inclusion Amount

Prepaying Lease Costs

Posted on January 30, 2013November 5, 2021 by TaxMama

Today TaxMama® hears from JJ in the TaxQuips Forum, with an unusual situation. “I leased a car this fall. I paid for the entire sum up front, in a single payment. What is the correct deduction for federal taxes?”

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*Tax Quips, Auto Expenses, Depreciation, Mileage

Mileage Method

Posted on May 23, 2012 by TaxMama

Today TaxMama® hears from Walter in the TaxQuips Forum with a most astute question. “Is there a limit to how many miles of standard mileage auto/truck expense a self-employed taxpayer can take on their Schedule C for a given year? The portion of the business standard mileage rate treated as depreciation is on average about […]

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*Tax Quips, Auto Expenses, Bookkeeping, Business, Business Expenses, Business plan, EFTPS, Electronic Payment, Estimated Taxes

Side Business

Posted on October 12, 2011 by TaxMama

Today TaxMama hears from Matt in the Tax Quips Forum, who has the right idea. “I have started a side business doing yard work. I am trying to determine the best way to save to pay my taxes. I have a checking account that is just for the side business. I deposit all the money […]

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*Tax Quips, Auto Expenses, Charities, Contributions, Deductions, Donations

Comic Relief

Posted on July 26, 2011 by TaxMama

Today TaxMama hears from K Syl in the TaxQuips Forum, who has a fun idea. “I have an Internet marketing business – a blog on comic books. The blog will have links for ordering comics to generate income on the blog and Pay Per Click ads. Large portions of the site will be devoted […]

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*AskTaxMama Newsletter, Auto Expenses, Business Expenses, Employee Business Expenses, IRS News, Mileage

IRS Increases 2011 Mileage Rates

Posted on June 24, 2011December 28, 2021 by TaxMama

Courtesy of IRS https://www.irs.gov/pub/irs-drop/a-11-40.pdf The following standard mileage rates will apply: January 1 – June 30: 51 cents per mile for business miles driven July 1 – December 31: 55.5 cents per mile for business miles driven January 1 – June 30: 19 cents per mile driven for medical or moving purposes July 1 – December […]

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*Tax Quips, Auto Expenses, Depreciation, Recapture, Section 179

Bonus Depreciation

Posted on June 21, 2011October 26, 2021 by TaxMama

Today TaxMama hears from Scott in the TaxQuips Forum with this question. “How long would you have to keep a business vehicle to take advantage of bonus depreciation deductions? What if I sold a new business use vehicle after three years, are there penalties?

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*Tax Quips, Auto Expenses, Charities, Employee Business Expenses, Itemized Deductions, Meals and Entertainment, Mileage, Teachers, Volunteering

Coaching Expenses

Posted on June 15, 2011November 5, 2021 by TaxMama

Today TaxMama hears from Mimi in the TaxQuips Forum who tells us. “My husband coaches my son’s Little League and travel basketball team. Occasionally, he buys equipment for the team’s use and hosts an after-season party, complete with pizza, cake and beverage. Some of these expenses are not reimbursed by the league. Are these deductible? How about […]

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