HOW TO CALCULATE YOUR BUSINESS MILEAGE WHEN YOU DIDN'T TRACK IT THROUGHOUT THE YEAR (STEP BY STEP)

If you didn't track your business mileage (throughout the year), trying to calculate your business mileage can be overwhelming! Since business mileage deductions aren't actual cash expenses, they are significant tax deduction that all business owners should take advantage of. This video shows you the IRS reference for when to reconstruct your mileage records, and how to calculate your mileage step by step.

The tax code offers many tax deductions for small business owners. In order to take advantage of tax deductions, business expenses must be ordinary, & necessary for your industry. Once you've established that your expense is ordinary & necessary, you must be able to SUBSTANTIATE the deduction. Please note, for tax-free home office reimbursements, you will need an IRS-compliant accountable plan for reimbursements, a business connection to the expense, proper accounting by the employee, and proof to substantiate records. Any excess reimbursements must be returned to the corporation within a reasonable period of time.

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⚡️DO YOU OWE THE IRS, OR THE STATE BACK TAXES? Do you have unfiled tax returns? Is the IRS threatening to garnish your paycheck, or levy your bank account? Are you ready to get back on track with the IRS? Howard Tax Prep LLC will help you get back on track with the IRS, get into a settlement, or setup a payment with the IRS. For more information, visit us at https://howardtaxprep.com/tax-debt-pr...

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Although we’ve given you the basics, this video is not all-inclusive. Should you have questions or need business tax preparation, business entity creation, business insurance, or business compliance assistance, please contact us online, or call our office at 855-743-5765. Join our newsletter for more tips on reducing taxes and increasing your wealth. https://mailchi.mp/howardtaxprep.com/...

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