In this informative episode of the Dr. Friday Tax Tips – One Minute Moment Podcast, Dr. Friday, the president of Dr. Friday’s Tax and Financial firm, delves into the often-confusing world of auto expenses and tax deductions. Covering essential topics like the standard mileage rates for business travel, vehicle depreciation, and the real cost of buying a new car for your business, Dr. Friday provides valuable insights into making the right decision between actual expenses and mileage. She also addresses common misconceptions about legitimate auto expenses on tax returns and emphasizes the importance of justifying these expenses. Packed with practical advice, this episode is a must-listen for anyone navigating the complexities of tax deductions related to vehicle expenses.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Standard mileage rates for your business travel also need to figure depreciation on your vehicle which is better. I mean should we take actual, should we take miles, when do we make this decision? Can we change that every year? Can we can we decide to go buy a new car and just because it’s a SUV we can take a hundred percent of it? These are the kind of things I hear every day and to be quite honest most the time people are a bit confused on what true auto expenses are, what you can take off your tax return legitimately, and how to justify those expenses. If you’re sitting there winging it and hoping that you get caught you need to call us at 615-367-0819.
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