Business Expenses Archives - GOFAR

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Category: Business Expenses

What Do You Need To Know About Mileage Deductions?

There are numerous things that you should know about mileage deduction if you regularly drive your vehicle for business purposes. Understanding the tricks to employ around mileage deductions to get tax advantages for your vehicle operating expenses is an important business skill to have. For example, there are tax advantages in buying or leasing a […]

Tips for Income Tax Mileage Deductions

Never Overstate Expenses One reason why IRS would want to audit a taxpayer under schedule C is that they overstate the expenses. The IRS is fully aware of this fact because all the wage earners get a paycheck after a fortnight and a copy of the year w2 form is sent to the IRS through […]

Don’t Make These Mileage Log Mistakes!

Illegible Mileage Log If you decide to use a handwritten mileage log, it must be in a readable format or the IRS will reject it. The best way to automatically log your mileage is to use a smart technology such as GOFAR. You can use GOFAR to track and log your mileage. GOFAR can also […]

Will I get Audited for Mileage?

Are you a business owner who writes off business expenses under Schedule C? If yes, then you should be aware that there are certain costs that you will write off that will be vulnerable to IRS audits. Schedule C Taxpayers are Targeted by IRS Audits The IRS has a limited budget with which to verify […]

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