The Difference Between The Standard Mileage Method and Actual Expenses

June 19, 2012 Tax News 0 Comments Print this page Share

The Internal Revenue Service (“IRS”) allows taxpayers to choose between the Standard Mileage Method and Actual Expenses.

Standard Mileage Method The IRS allows taxpayers to deduct a standard mileage method for business travel.  The current allowance is for 55.5 cents per mile.  This allowance is updated periodically to reflect changes in gas prices and other changes.  Keep in mind this allowance is just for business travel. … Continue reading »

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Can You Take Any Tax Breaks From That Vacation?

August 17, 2011 Tax News 1 Comment Print this page Share

Let’s say you want to combine a vacation with your business travel and possibly deduct a few expenses on your tax return.  Can you do this and not have the IRS look unfavorably at these deductions.  Yes, some business travel costs are considered legitimate expenses—you just have to be careful and document everything correctly. 

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