Jun 10, 2019
In episode 163 of Financially Simple, Justin goes over the two methods of claiming tax back on your vehicles.
Should you depreciate the value of your vehicle, or take a mileage deduction? Which is best? Justin looks at both options and explains how each is applied, as well as the pros and cons of each, and a few exceptions to the rule.
00:58 - Should a Business Owner Depreciate Their Car or Take a Mileage Deduction?
01:21 - Standard Mileage Rate vs. Actual Expense Method
03:04 - Standard Mileage Rate
04:12 - 5 Things That You Can’t Do
05:01 - Actual Expense Method
06:03 - Can You Switch Between These Methods?
06:49 - Which is Best For You
08:15 - Guidelines to Choose The Method For Writing Off Business Expenses
11:35 - One Caveat
11:58 - Sign Off
The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States. Host Justin Goodbread is a serial entrepreneur, CFP (Certified Financial Planner), CEPA (Certified Exit Planning Advisor), CVGA (Certified Value Growth Advisor), Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional.