Mileage is a popular business deduction, but is your mileage actually deductible? There is a great deal of misunderstanding about mileage deductions, and in recent years the IRS has become increasingly picky about evidence.Your daily commute to your permanent work location is not deductible, even if your workplace is far away or you are hauling too...
Money Matters
Accounting, taxes, and more. Your financial questions answered.
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If you made a tax-deductible donation of $250 or more to a charity last year, you'll also need an acknowledgment letter from the charity before you can claim the charitable contribution on your federal income tax return. The IRS requires all tax-exempt organizations to send a written acknowledgment letter for any donation of $250 or more. The lette...
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As a childcare provider, you're entitled to special tax breaks. Some of the deductions you can take are common to small businesses; other deductions are specific to the child care industry. To save money come tax time, be sure to document all of your expenses and keep dated receipts on file (you'll also need proof of your expenses in case of an aud...
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