Tax season may be over, but keeping strict records throughout the year remains important. One item often overlooked is tracking vehicle mileage for business purposes. If your company is audited by the IRS, they will more than likely request documentation, such as mileage logs, for any vehicle expense deductions reported for the year. Discrepancies and lack of documentation have caused many taxpayers to lose their deduction, and in some instances, faced penalties for understating their tax liability.

Taxpayers are allowed to deduct actual expenses, including gas, maintenance, insurance, and other operating expenses. However, strict rules have been enforced on documentation to qualify for the deduction. If keeping track of all receipts related to expenses for the vehicle seems inefficient, a standard mileage deduction can be taken. The IRS has determined that 54 cents can be deducted per mile for business purposes in 2016, down from 57.5 cents per mile in 2015.

If you haven't been to 100 Washington Square lately, you may not know about the major change coming to the the building. For many months, crews have been working on a whole new front. Meanwhile, the entrance to the building is actually in the back! Fortunately, the landscaping in the back is in, and beautiful. In addition to building upgrades, the westbound lane on Washington Avenue will be closed between 2nd Ave S and Hennepin Avenue through late November.