Hi There:
1. Can you explain the ins and outs of the vehicle purchase as a business expense? The IRS allows a vehicle deduction for all ordinary and necessary vehicle expenses as long as you are self-employed and not a W2 employee.
2. How do I take that deduction? You have the choice of the standard mileage rate which in 2023 is 65.5 cents for every business mile driven or actual expenses incurred for the business which will be claimed with Turbo Tax - Self Employment - Schedule C - Vehicle Expenses.
3. Expert tips, tricks, + insider knowledge will be very appreciated Assuming business use of at least 50% for the vehicle, many new vehicle owners elect the actual method of vehicle expenses in order to take advantage of accelerated depreciation on the vehicle, which could greatly increase the vehicle deduction.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
