Apex Business Consulting LLC’s Post

Name: Apex Business Consulting LLC on LinkedIn: #tax #taxes #taxplanning #taxreturn #businesstax #audit #accounting #irs…
Uploaded: 2024-12-15T18:22:30.349Z
Duration: 1 min 15 s
Channel: Apex Business Consulting LLC
Description: Things to consider with a business vehicle Follow for more tax-write offs you can use to save big! #tax #taxes #taxplanning #taxreturn #businesstax #audit #accounting #irs #taxconsultant #businessadvice #accountingtips #costsegregation #taxstrategy #taxadvice #startingabusiness #taxwriteoffs #taxseason #taxprofessional #businesstips

Apex Business Consulting LLC

33 followers

Things to consider with a business vehicle Follow for more tax-write offs you can use to save big! #tax #taxes #taxplanning #taxreturn #businesstax #audit #accounting #irs #taxconsultant #businessadvice #accountingtips #costsegregation #taxstrategy #taxadvice #startingabusiness #taxwriteoffs #taxseason #taxprofessional #businesstips

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Is it better to use standard mileage or actual expenses? Well that really depends. I'm a CPA and an ex auditor. First of all, remember regardless of which method you use, you can only deduct the portion that is used for business. And if you're gonna say that the vehicle you use is 100% business purposes, you better have another car that you can point to that you use for personal use. If you drive a lot for your business, the standard mileage might be better for you because over the years. You can take advantage of more expenses than actual expenses. 2024 the standard mileage rate is $0.67 per mile. The other benefit is it's easier to track as you only need to track the miles you use for business. No receipts, gas or tire rotations. Use A pro tip using apps like Mile IQ makes it way easier to track your mileage. Now on the other hand, you may not drive as much and you're looking for a bigger deduction in year 1 assuming your vehicle qualifies. The actual expense method might be a better option for you, but now you do have to keep track of the receipts for gas, repairs, oil, anything else related to the vehicle. Follow us For more information how to save big on taxes.

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