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re: Credit for purchasing SUV over 6,000 lbs?
Posted on 12/20/23 at 8:33 pm to LSUShock
Posted on 12/20/23 at 8:33 pm to LSUShock
just keep a mileage log.
as i write my own W2/salary from my company i get the employee reimbursement for miles. vehicle was already depreciated for that deduction years back. log makes it easy if you are audited.
as i write my own W2/salary from my company i get the employee reimbursement for miles. vehicle was already depreciated for that deduction years back. log makes it easy if you are audited.
1
Posted on 12/21/23 at 7:28 am to boosiebadazz
Have to? No, but you’ll need to keep track of gas and repair expense if you want to keep taking auto expense deductions in the future. If you don’t want to, you don’t have to but you can’t claim mileage ever again for the business life of the vehicle.
What you need to figure out is if you’ll get a bigger deduction using mileage or bonus depreciation. Estimate how many business miles you intended to drive over the next 5 years (or how long you intended to use the vehicle for business), calculate the mileage deduction and see if that will be more than if you take the bonus depreciation this year.
What you need to figure out is if you’ll get a bigger deduction using mileage or bonus depreciation. Estimate how many business miles you intended to drive over the next 5 years (or how long you intended to use the vehicle for business), calculate the mileage deduction and see if that will be more than if you take the bonus depreciation this year.
Posted on 12/22/23 at 10:01 am to boosiebadazz
quote:
Nevermind; found Section 179
You can do this too and get 100% deduction (assuming it’s 100% business use) however 179 is limited to taxable income. It cannot create a loss.
Posted on 12/22/23 at 12:11 pm to horsesandbulls
So can you take the full deduction and then still write if maintenance and miles as operating expense? I didn't think but have been told you can.
Posted on 12/22/23 at 1:21 pm to GREENHEAD22
You can’t write off miles AND depreciation plus maintenance. It’s miles OR maintenance including depreciation.
This post was edited on 12/22/23 at 1:22 pm
Posted on 12/24/23 at 9:36 am to Fat Bastard
I use MileIQ app and it makes it very to log mileage.
Posted on 12/24/23 at 11:12 am to XenScott
quote:
I use MileIQ app and it makes it very to log mileage.
i might check that out.
i just use an excel log i have and print out and give to my cpa with everything else. i already know my distances so it is easy to punch everything in.
Posted on 12/25/23 at 6:35 am to Fat Bastard
I use MileIQ and it’s great. I think QUICKBOOKS online has one as well but have never used it so I can’t recommend.
Posted on 12/25/23 at 10:22 am to horsesandbulls
I’m going to use this app this year. See if it is easier. I usually just guess at a mileage log each March.
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