Disadvantages of Writing Off Your Car in 2024 - Section 179
The untold truth about writing of your vehicle, the vehicle tax deduction, and section 179 as a business. It may seem like a good idea to help you lower your taxes but there are a few things you need to know beforehand. In this video, I go over four reasons why you don't need to write off your car or vehicle.
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Timestamps:
Intro (0:00)
What is a Vehicle Tax Deduction? (0:27)
Reason #1 Why You Should Not Write Off Your Vehicle: (1:41)
Reason #2 Why You Should Not Write Off Your Vehicle: (3:02)
Reason #3 Why You Should Not Write Off Your Vehicle: (6:56)
Reason #4 Why You Should Not Write Off Your Vehicle: (8:38)
When you use a vehicle for business, it becomes a business asset which allows you to write off the expenses of that vehicle.
And there are two ways you can write off your car expenses:
With the Actual Expense method you can literally write off most of your actual car expenses.
This includes any repairs and maintenance, insurance payments, tires, tolls, car Insurance, windshield wiper fluid, and the depreciation of the vehicle.
With the Standard Mileage Method, the second way to write off your vehicle, you can write off all of the mileage related to your vehicle.
To get your allowable deduction you would just multiply the miles driven and the standard mileage rate.
I still think that the ability to write off your vehicle as a business and take a vehicle tax deduction is a powerful and beneficial way to lower you taxable income. Just make sure the write off is right for you!
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
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