#470 Maximizing Auto Tax Deductions

Dec 20, 2023

Learn how to maximize auto tax deductions for small business owners, including mileage vs. actual expenses. Discover the benefits of electric vehicles and tax incentives available. Explore using trucks and RVs for side hustles and the tax write-offs associated. Understand the implications of the Tax Cuts and Jobs Act and recent changes. Get expert advice on year-end planning and strategies for optimizing tax savings.

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Introduction

00:00 • 2min

Maximizing Auto Tax Deductions for Small Business Owners

02:10 • 13min

Maximizing Auto Tax Deductions with Gas Mileage

15:29 • 2min

Maximizing Auto Tax Deductions: Using a Truck or RV for Side Hustles

17:14 • 5min

Electric Vehicle Tax Credits: Explained

22:41 • 7min

Exploring Electric Vehicle Options and Tax Credits

29:27 • 2min

Maximizing Auto Tax Deductions and Planning for the Upcoming Year

31:07 • 2min

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!

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