Did you know there is a Taxpayer Bill of Rights? These rights were adopted by the Internal Revenue Service in 2014 and have been shared extensively on a continuing basis with IRS employees since them. The best part is that whether you are paying taxes for income earned in Fargo, North Dakota or Detroit Lakes, […]

If you use your vehicle for business purposes you can either deduct the actual cost (gas receipts) or you can deduct the miles. The IRS does not allow you to do both, using both methods could result in an audit. In both cases you will need to figure out the percentage of use for business […]

If you use a personal vehicle for work purposes, you may be able to deduct some of the expenses on your tax return. There are two general methods of deducting your vehicle expenses. Standard Mileage rate Actual expenses and Depreciation You may not use the standard mileage rate for a vehicle after claiming accelerated depreciation […]

Track, Save and Organize Receipts Saving receipts and tracking expenses is critical for all of us to give peace of mind and the ability to quickly reference purchases and budgets. This is especially important for those with a small business. You can maximize your tax savings by properly keeping track of expenses. By developing an […]