Standard Mileage Rate vs Actual Expenses (Section 179 VEHICLE TAX DEDUCTIONS)

Standard Mileage Rate vs Actual Expenses (VEHICLE TAX DEDUCTIONS - vehicle tax deduction for small business). So, which one should you take?...the standard mileage deduction OR the Actual Expenses you incur operating your vehicle for business? In this video I discuss vehicle tax deductions & which is the most appropriate method of accounting / write-offs for you if you are writing off a vehicle for business. In a previous video I went through several of the specifics of the IRS Section 179 Tax Deductions for vehicles...and what we did not go over in that video we are going over in this one.

When purchasing a vehicle for your business you have to decide in the FIRST year of service if you will use the Actual Expense accounting method OR the Standard Mileage Rate accounting method for your vehicle tax deduction...so we go over some specific examples of when it makes sense to use the Actual Expense method and Standard Mileage Rate Deduction.

Section 179 Deduction (for vehicle purchases): https://youtu.be/KAaSKCy-zDM
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Timestamps / Chapters
0:00 - Intro
0:34 - Section 179
1:52 - Standard vs Actual
2:58 - Which one to choose
3:43 - Scenario #1 (Actual)
5:10 - Scenario #2 (Standard)
6:36 - Bonus Tips

ABOUT ME 👇

I've been involved in people's financial decisions for 15+ years (7 yrs Real Estate experience & 8+ yrs as a former Financial Advisor)...I now bring the financial successes, mistakes, failures, and best financial habits/tips to you through these videos.

My mission is to bring Financial Awareness to the forefront of your daily decisions so you can: improve your quality of life, increase your net worth, and grow upon your financial literacy. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, entrepreneur, and of course...my experience as a Former Financial Advisor.

This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.

Subscribe if you are interested in:
#TaxWriteOffs
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DISCLAIMER: I am not a financial adviser or a certified public accountant. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.

AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.

Видео Standard Mileage Rate vs Actual Expenses (Section 179 VEHICLE TAX DEDUCTIONS) канала Financial Awareness with K.Scholl