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What Vehicle Expenses Can Self-Employed Individuals Deduct?

Self-employed individuals have a lot of options when it comes to deducting expenses for their vehicle to offset income from the business.  In this video we are going to review:

1) What vehicle expenses can be deducted: Mileage, insurance, payments, registration, etc.

2) Business Use Percentage

3) Buying vs Leasing a Car Deduction Options

4) Mileage Deduction Calculation

5) How Depreciation and Bonus Depreciation Works

6) Depreciation recapture tax trap

7) Can you buy a Ferreri through the business and deduct it? (luxury cars)

8) Tax impact if you get into an accident and total the vehicle 

Self-employed individuals have a lot of options when it comes to deducting expenses for their vehicle to offset income from the business.  In this video we are going to review:

  1. What vehicle expenses can be deducted: Mileage, insurance, payments, registration, etc.

  2. Business Use Percentage

  3. Buying vs Leasing a Car Deduction Options

  4. Mileage Deduction Calculation

  5. How Depreciation and Bonus Depreciation Works

  6. Depreciation recapture tax trap

  7. Can you buy a Ferreri through the business and deduct it? (luxury cars)

  8. Tax impact if you get into an accident and total the vehicle 

 

About Michael……...

Hi, I’m Michael Ruger. I’m the managing partner of Greenbush Financial Group and the creator of the nationally recognized Money Smart Board blog . I created the blog because there are a lot of events in life that require important financial decisions. The goal is to help our readers avoid big financial missteps, discover financial solutions that they were not aware of, and to optimize their financial future.

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