What’s The Best Way To Deduct a Business Vehicle Purchase?

Get a free ride—write off your car! Warning: You’d better be wise about this.

Explore the scenarios for purchasing and writing off a vehicle for business use. Learn how the best approach will likely depend upon how your business is set up and taxed.

We also discuss how taking bonus depreciation and the realities of your annual usage can collide, leading to recapture problems. This video discusses using the standard mileage reimbursement and tracking your mileage. When you subscribe to Tax Tuesdays, you get ongoing money-saving learning opportunities and never skip a beat!

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Show Notes:
0:00 Intro
2:56 Other Ways to Write Off a Vehicle
6:05 Recapture Explained
9:06 Example
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Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at https://aba.link/tobyaba
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.

#taxdeductions #businesscar