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Financially Simple Business


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.

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TRANSCRIPT/BLOG: https://financiallysimple.com/standard-mileage-actual-expenses-which-business-owner/

 

TIME INDEX:

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

 

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2019 Federal IRS Mileage Rates

 

DISCLAIMER:

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.