Category: Business Expenses

As a business owner, did you know that you can use a mileage tracking app to accurately record your business-related travel? Forget the old method of recording mileage when you or your employee uses a car for work-related purposes, every mile counts. Firstly, you will have to work out how much to compensate employees who […]

What Is Mileage Deduction? A mileage deduction refers to the money paid back to an individual who uses their private vehicle for business purposes. The deduction is usually in the form of tax relief or rebate. You can calculate your mileage deduction, either using the standard IRS mileage rate or by working out your actual […]

Using a mileage tracking app can drain your phone’s battery like any other app that uses GPS to track location. And you won’t have an accurate driving log if you can’t record your trips because your phone’s dead. Worse still, most mileage trackers stop recording your trips if the battery dips below 10%. And if […]

What Is Mileage Deduction? Mileage deduction is a term used by the IRS to refer to the deductible expenses incurred by car owners who operate their private vehicles for work. According to the IRS, if you use your car for business purposes, you can deduct the cost of operations from your taxes. This is usually […]

Although it’s a common practice among many businesses to offer mileage reimbursement, no federal laws require them to do so. California, however, requires employers to compensate their workers for all expenses incurred while performing their jobs. But navigating the reimbursable and non-reimbursable expenses can prove a challenge. See, there is a lot more to business mileage […]

Mileage reimbursement refers to the money an individual who uses their vehicle for work purposes can recover in the form of rebates or tax deductions. Driving work miles in your vehicle not only makes you eligible for tax breaks, but it is also reimbursable through your expense reports. All you have to do is ensure […]

Most employers believe that they have to pay their employees for business mileage. But this is not true. The federal government does not require employers to reimburse employees. There are some exceptions, however, that protect employee interest to ensure they are making more than minimum wage. The Fair Labor Standards Act, for instance, prevents mileage expenses […]

What Is the IRS Mileage Rate? The IRS mileage reimbursement rate, also known as the safe harbor rate, is a guideline for business mileage reimbursement. It applies mostly to employees or independent contractors who use their private vehicles for work purposes. The IRS conducts an annual study of the fixed and variable costs of operating […]