The IRS wants you to keep a “contemporaneous” mileage log. But, what does that actually mean? Let’s go over a recent court case to see what records you need to keep.
Category: Tax Pros
Tax Day in the United States has passed and the team here at Taxfyle are able celebrate another year of making taxes simpler for taxpayers and CPA’s everywhere. We should really have a ball drop or something next year for the office. We’d like to offer a few resolutions for the new tax season which will help you get ahead of next year’s tax returns.
To encourage delinquent taxpayers to pay up, from time-to-time most states offer tax amnesties: If you pay the amount of tax due, the interest and penalties you have to pay are reduced or eliminated entirely. Pennsylvania and Virginia are offering tax amnesties for a limited time.
The United States has a “pay as you go” tax system in which estimated tax payments are made to the IRS throughout the year. This is an area that often trips up self-employed workers. Let’s go over what you need to know for paying estimated taxes.