How to Claim Car Expenses and Make the Rules Work For You Posted on February 17, 2020 How would you like to earn some extra cash to spend on a hot holiday destination or that iPad you’ve been eyeing for some time? We bet our bottom dollar you’d like to learn how! Did you know you can actually do this by claiming your car expenses at tax time? Depending on the business […]
Keeping a Logbook for the ATO: The 5 Best Mobile Apps Posted on February 10, 2020 The fuss about keeping a mileage logbook is over exaggerated. Especially today when you can use a mobile app to log your car expenses and support your tax deduction claim. Yet, a good logbook app is hard to come by. It’s like looking for a needle in a haystack; there are plenty of unreliable apps […]
What is the 2019 Californian Mileage Reimbursement Rate? Posted on February 7, 2020 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 […]
How to Calculate Mileage Reimbursement in California Posted on February 5, 2020 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 […]
Car Expenses 101: How to Maximise Your Work-Related Tax Deductions Posted on February 3, 2020 Claiming your car expenses is not without its challenges. But the most daunting challenge is knowing how to navigate the complex tax return process so you maximise your work-related tax deductions. If you cover a decent mileage for work, odds are you’re spending a lot towards your work-related car expenses. This can be measured in […]
What Is Mileage Reimbursement? Quick Guide Posted on January 28, 2020 Mileage reimbursement refers to the money paid back to an employee to cover the cost of using their private vehicle for work. The reimbursement may be in the form of a rebate or tax deduction. Presently, there are no federal laws that require employers to reimburse workers for business mileage. However, most employers compensate their […]
Standard IRS Mileage Rates for 2019 Posted on January 25, 2020 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 […]
Work-Related Car Expenses 2020: Secrets Accountants Know Posted on January 13, 2020 Did you know you can claim your work-related car expenses if you’re able to prove how much you covered for work? Using the system to your advantage can be a lucrative endeavour. Yet, your attempt is doomed to failure if you’re not familiar with the ATO mileage deduction rules. People had their reasons when they […]
5 Simple Tips for Claiming Car-Related Tax Deductions Posted on January 10, 2020 The first step on your way to claiming your car expenses is getting familiar with a few ATO rules. Sticking to those rules will put you on the right side of the law and help you make clever decisions so you get more money back on your taxes. Claiming your car deductions is one of […]
Logbook Method: How to Claim Car Expenses From the ATO Posted on January 8, 2020 Do you know the old adage what you don’t know can’t hurt you? Well, this time it can. Sort of — and we mean financially. Being unaware of the logbook method can make you miss out on lucrative tax deductions. According to RACQ, Australians have to fork out between $8,203-$13,662 for their running car expenses. […]