Q&A of the Week July 22, 2020
Click HERE for our video or read our answer below!!
A vehicle or any business asset can only be written off if it's in the name of the business. If you want to write off a vehicle or mileage, you need to provide the following information
The total cost of the vehicle
Total mileage of the vehicle for the calendar year
Business mileage for the vehicle for the calendar year
Total out of pocket costs (other than the payment) for the vehicle in the calendar year
Of the payments, amount paid in interest for the calendar year
We can show you how the numbers would work out and be compared to determine how to receive the highest deduction