The IRS recently issued adjusted mileage rates for the second half of 2011 (effective 7-1-11) due to rising gas costs earlier in the year. The new rates are as follows: Business vehicle usage: 55.5¢ per mile Medical vehicle usage: 23.5¢ … Continue reading
Substantiation of certain business expenses is a requirement in order to have proof if ever requested by the IRS. Many independent contractors lose valuable expenses (travel for example) because they do not have the proper documentation to support the expense … Continue reading
CIRCULAR 230 DISCLAIMER: ADVICE, ARTICLES AND COMMENTARY INCLUDED HEREIN DO NOT CONSTITUTE AN OPINION AND ARE NOT INTENDED OR WRITTEN TO BE USED, AND THEY CANNOT BE USED, BY ANY TAXPAYER FOR THE PURPOSE OF AVOIDING PENALTIES THAT MAY BE IMPOSED ON THE TAXPAYER.