In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen talk about the ins and outs of auto tax deductions for small business owners. They discuss the various write-offs, including mileage and actual expenses, tax incentives for electric vehicles, and the importance of year-end planning.
Here's what you can expect:
- An in-depth discussion on how to get the most out of auto tax deductions for your small business, including the differences and benefits of the mileage and actual expenses methods.
- A detailed exploration of tax incentives available for electric vehicles, including how this varies depending on the make and model, and whether the vehicle is used for personal or commercial purposes.
- They discuss the importance of year-end planning and the potential benefits of purchasing a vehicle before the year ends.
- A detailed discussion on the benefits of using vehicles like RVs for business use, and how you can potentially write-off expenses associated with these.
- Insights into the implications of the Tax Cuts and Jobs Act and recent changes in the Biden administration on auto deductions.
- Expert advice for small business owners on the best strategies for maximizing auto deductions and year-end planning to optimize their tax savings.
Listen to this episode to gain valuable insights and strategies on maximizing your auto deductions, understanding the benefits of electric vehicles, and planning effectively for year-end to optimize your tax savings!
