Claiming Vehicle Deductions
You can claim a portion of your personal vehicle expenses if you use the vehicle Brook Bay Consulting for business purposes. There are two methods available to claim expenses relating to a personal vehicle used for business: actual expenses incurred (prorated for the business portion) or the IRS mileage rate. You cannot claim both. If you do, whether on purpose or by accident, this will likely result in an audit.
To calculate the business use portion, add all the miles travelled for business purposes, then divide that number by the total miles driven, and multiply by 100. This will give you a business use percentage. Once you have this percentage, use it to prorate your fuel, oil, vehicle insurance, parking, and vehicle repairs paid. This prorated amount is your business vehicle expenses.
If you plan to use this method to calculate the keep a notebook in your vehicle at all times and record the date, the starting odometer reading, how far you drove, and the purpose of the trip. There are also many apps today that you can download to your phone that automate this process for you.
The second way to claim vehicle expenses on your business tax return is the flat rate method. The flat rate is set by the IRS each year. For the 2020 tax year, it is 57.5 cents per mile. For 2021, the rate is down to 56 cents per mile. There are special restrictions as to when you can use the per-mile rate for calculating your vehicle expenses.
At we can help you determine which method is the best choice for your business through our small business tax services.
Calculating Home Office Expenses
Like vehicle expenses, home office expenses come with special restrictions too, and claiming them incorrectly can trigger an audit. When done correctly, claiming home office expenses can help reduce your tax bill.
In order to claim home office expenses on your business tax return, the workspace must be used exclusively for conducting business on a regular basis. There are also two ways to calculate this deduction: calculating the portion of the space used for business or using a simplified method.
Are you nervous about a tax audit? There’s no reason to be when you use our small business tax services. Our tax planning and preparation help you maximize your deductions and credits so that you can save as much tax as possible. to learn more about how we can help you plan to save.
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Drake Hosted on The Cloud Benefit Tax Professionals
1. Flexible Access to Your Tax Data
Cloud allows users to work from anywhere and at any time with an Internet-enabled device. This easy accessibility adds great convenience for the users. Multiple users can access and share the same files and data simultaneously with no disruption.
With a collaborative platform, the cloud makes it easier for tax preparers or CPAs to coordinate with their clients to make necessary changes in their tax filing process.
As there is no restriction of being tied to a local system, productivity increases, irrespective of the location from which you are working. It is easier to work on Drake hosted software as the user-interface is the same as the desktop version.
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Drake hosting results in cost efficiency as it reduces the cost of IT infrastructure significantly. There is no need for software installation, upgrade, maintenance, or even a dedicated IT staff, as all these things are taken care of by the cloud provider.
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For a smooth tax process, it’s essential that all your issues are resolved on time. Most tax professionals aren’t able to hire a dedicated IT team to handle their tax issues. However, with Drake tax software hosting, you always have a well-trained team of industry experts to ensure that your software runs smoothly and is always accessible by the users.
5. Cloud Ensures Backup and Disaster Recovery
Tax data on the local system is always prone to permanent loss due to various reasons like data theft or software damage. Regular data backup or disaster recovery solution is one of the reliable ways to protect your data. However, most tax professionals and CPAs find it a little heavy on their pocket and are usually ignorant to take these steps.
With Drake cloud hosting, you will get automated and secure data backup stored in multiple locations on a regular basis. Therefore, even if you make small changes or accidentally delete some files, you can easily recover them.
6. High Uptime and Always-availability
As firms become reliant on business applications to run their key processes, downtime can be disastrous. The competent Drake hosting providers are reliable in offering their cloud services and maintain an uptime of 99.999%. They also offer an SLA (Service Level Agreement) which assures 24/7 availability. As long as you have an Internet connection, you can work from practically anywhere.
As the overall cloud system interconnects multiple servers, in case of a server failure, the other server takes over automatically. This ensures a smooth and continuous performance of your tax software.
More information: Drake Hosted | Cloud PC | Windows Virtual Desktop Pricing
Regards, Bruce