100% Vehicle Tax Deduction (SUV & Truck) Auto Write Off! How IRS Allows Auto Write Off for Business!

Does the IRS legally allow a 100% auto tax deduction? How can you tax deduct 100% of your vehicle expenses as a self employed (sole proprietor) or small business owner? SEE NEW PART 2 VIDEO    • Part 2: Vehicle 100% Tax Deduction (A...   What auto expenses can you write off for tax purposes under your LLC, sole proprietorship (Schedule C), S Corp (Form 1120S), Partnership (Form 1065) or C Corp (Form 1120)? See my tax seminars! https://www.jjthecpa.com/

AUTO TAX DEDUCTIONS: 100% Business Vehicle Deduction Under IRS IRC Section 168 (Bonus Depreciation) Ends 12/31/22 for Vehicles Over 6,000 Pounds GVWR (Gross Vehicle Weight Rating) Such as SUVs and Trucks. If you take advantage of this depreciation method for the automobile, then you also take advantage of deducting all the actual, other expenses of the vehicle. While there is the option to take the auto mileage rate tax deduction on the business miles (see auto mileage rate 2022 below), you cannot use the mileage rate tax deduction if you depreciate the vehicle (taking actual expenses) as it is an either/or selection. There is another option for a big, first year tax deduction on vehicles over 6,000 lbs. GVWR which is under IRC Section 179 auto deduction (suv deduction or truck tax deduction), but that is limited to $27,000 in 2022 or $28,900 in 2023 (or the purchase price, whichever is less); and thus, if you are using the actual expenses method, it would make more tax deduction (tax depreciation) sense to take the 100% bonus depreciation tax deduction under IRC Section 168; and forgo the IRC Section 179 SUV, Truck Tax Deduction. See video link below about the Inflation Reduction Act Vehicle Tax Credits and the electric vehicles tax credit limitations as well as hybrid vehicles tax credits on used electric and hybrid vehicles; EV credits.

VIDEO LINK MENTIONED IN VIDEO TO HUGE AUTO TAX DEDUCTION
   • How to Get Vehicle Tax Deduction [Ove...  

2022 AUTO MILEAGE RATES (IRS RATES)
1/1/22 - 6/30/22 58.5 cents per business mile
7/1/22 - 12/31/22 62.5 cents per business mile

Per IRS: If you use your car only for business purposes, you may deduct its entire cost of ownership and operation. However, if you use the car for both business and personal purposes, you may deduct only the cost of its business use. You can generally figure the amount of your deductible car expense by using one of two methods: the standard mileage rate method or the actual expense method. If you qualify to use both methods, you may want to figure your deduction both ways before choosing a method to see which one gives you a larger deduction.

SECTION 179 AUTO DEPRECIATION, SECTION 168 VEHICLE DEPRECIATION (BONUS DEPRECIATION), MILEAGE RATES, TRAVEL DEDUCTIONS, RELATED BUSINESS DEDUCTIONS
https://www.irs.gov/taxtopics/tc510

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JJ THE CPA ALSO COVERS: How to Start a Business. How to Set Up LLC. Limited Liability Company (LLC). How LLC Taxed. Related: LLC vs Corporation. LLC vs. Partnership. LLC vs Sole Proprietorship. LLC is Legal Designation Only. LLC Taxed as Anything. LLC vs Inc. LLC vs LLP. LLC vs DBA. What is LLC Mean? What is LLC Stand For? What is LLC Business? How to Create LLC. Should LLC Be Taxed as S Corp. Should LLC Be Taxed as Partnership. Should LLC Be Taxed as Sole Proprietor. Should LLC Be Taxed as Corporation. Related: What is LLC Operating Agreement? Should LLC be in Logo? PPP, Self employed PPP loan, How to apply for PPP loan forgiveness and the PPP Loan. Self employed PPP loan forgiveness and PPP application for self employed. PPP loan for self employed as well as, SBA PPP loans, PPP loan for, PPP loan application as well as SBA PPP loan application. Self employed PPP loan application and PPP loan forgiveness. Self employed with PPP loan forgiveness application.

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