Rev Up Your Tax Savings: Unleashing Powerful Vehicle Tax Strategies for Small Business Owners

What are the pros and cons of having a business-owned vehicle versus a personally-owned vehicle? In this episode of the Small Business Tax Savings Podcast, Mike dives into the often confusing and overwhelming topic of business vehicles. From selecting, buying, and maintaining a car for business use to proving business use of a vehicle to the IRS. Mike offers up his expertise on how to make sure you’re getting the most out of your vehicle when it comes to tax deductions.  Mike covers the pros and cons of having a business-owned versus personally-owned vehicle, as well as tips for determining the business use percentage and tracking mileage.  Tune in now and listen as Mike shares his advice on how to select, buy, maintain, and write off a car for business use![00:24] Get The Facts On Mileage Logs And Proving Business UseToday’s topic is, “Unleashing Powerful Vehicle Tax Strategies for Small Business Owners”Mike talks about never buying a vehicle solely for tax purposes[07:26] Determining Business Use Of A VehicleThe mileage log must be backed up with documentation proving the business purpose of the milesThe need to prove business use and purposeHave a track record of mileage log, appointment book, and receiptsCalculate business use percentage[09:17] Understanding How To Deduct Vehicle ExpensesConsider factors like mileage limits, years of use, and monthly payments when deciding to buy or lease a vehicleVehicles can be in either personal or business names as long as the correct process is followedWhat are the two main options for deduction?If you have a leased vehicle, you must stick with the same method for the duration of the lease[15:34] Closing SegmentMike shares the pros and cons of a business-owned vehicle versus a personally-owned vehicle!  Final WordsKey Quotes“Whether you have a vehicle that's in your personal name or your business name and you use it for business, either way, is acceptable. You just need to make sure that you're following the correct process, whichever way you do it.” – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com