Every smart business owner will use as many expense deductions as possible to reduce the tax bill at year’s end. One such write-off that is common and helpful is the business vehicle deduction. If your business requires frequent vehicle usage, then knowing when and how to use it is important because will you save a significant amount of money if done correctly.
Thankfully, Anderson tax attorney Eric Day breaks down the business vehicle deduction step-by-step in the video below:
Topics Discussed Include:
- Two Main Available Deduction Options
- Vehicle Limitations Based on Type and What Deductions They Can Use
- Is It Better to Buy or Lease Your Business Vehicle?
- Why Having A Company Accountable Plan is Essential
- Pros and Cons of Business Ownership vs Individual Ownership
- Step-by-Step Process to Deduct Personal Vehicle Mileage
Click on the link below to watch the full video:
If, after watching this video, you aren’t sure that you are taking full advantage of the business vehicle deduction, or are trying to but don’t have everything you need setup correctly, then the best thing you can do right now is touch base with our tax team to examine how your business is currently structured and if you have all the pieces in place to correctly deduct as much of your vehicle’s expenses as possible.
As we’ve discussed in a previous blog post, we offer our clients a comprehensive 2-year Tax Review covering your past returns line by line to assess if you’ve overpaid when you didn’t have to, or are missing deductions that you qualify for but may be unaware of currently. The easiest and quickest way to get that ball rolling is to contact us for a free, 30-minute strategy session with one of our expert advisors by filling out the form here.
**If you would like to invite one of our expert Attorneys to be a guest on your radio show, podcast or a guest contributor on your blog, please contact Desiree Wolfe at email@example.com.