Part 2: Vehicle 100% Tax Deduction (Auto Depreciation) SUV & Truck Write Offs for Small Businesses

Описание: SEE PART 1 OF THIS VIDEO    • SUV & Truck 100% Bonus Deduction [IRC 168 ...   AUTO TAX DEDUCTIONS: 100% Business Vehicle Deduction Under IRS IRC Section 168 (Bonus Depreciation) Ends 12/31/22 for Vehicles Over 6,000 Pounds GVWR (Gross Vehicle Weight Rating) Such as SUVs and Trucks. See my tax seminars! https://www.jjthecpa.com/

VIDEO TO HUGE AUTO TAX DEDUCTION
   • How to Get Vehicle Tax Deduction [Over 6,0...  

VEHICLE TAX CREDITS FOR HYBRID & ELECTRIC VEHICLES
   • Inflation Reduction Act Explained [$7,500 ...  

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IRS Publication 463
https://www.irs.gov/publications/p463

IRS Topic No. 510 Business Use of Car
https://www.irs.gov/taxtopics/tc510

2022 AUTO MILEAGE RATES (IRS RATES)
1/1/22 - 6/30/22 58.5 cents per business mile
7/1/22 - 12/31/22 62.5 cents per business mile

2021 VEHICLE MILEAGE RATE (IRS RATES)
56 cents per business mile all year

Per IRS: If you use your car only for business purposes, you may deduct its entire cost of ownership and operation. However, if you use the car for both business and personal purposes, you may deduct only the cost of its business use. You can generally figure the amount of your deductible car expense by using one of two methods: the standard mileage rate method or the actual expense method. If you qualify to use both methods, you may want to figure your deduction both ways before choosing a method to see which one gives you a larger deduction.

SECTION 179 AUTO DEPRECIATION, SECTION 168 VEHICLE DEPRECIATION (BONUS DEPRECIATION), MILEAGE RATES, TRAVEL DEDUCTIONS, RELATED BUSINESS DEDUCTIONS
https://www.irs.gov/taxtopics/tc510

Does the IRS legally allow a 100% auto tax deduction? How can you tax deduct 100% of your vehicle expenses as a self employed (sole proprietor) or small business owner? What auto expenses can you write off for tax purposes under your LLC, sole proprietorship (Schedule C), S Corp (Form 1120S), Partnership (Form 1065) or C Corp (Form 1120)? If you take advantage of this depreciation method for the automobile, then you also take advantage of deducting all the actual, other expenses of the vehicle. While there is the option to take the auto mileage rate tax deduction on the business miles (see auto mileage rate 2022 below), you cannot use the mileage rate tax deduction if you depreciate the vehicle (taking actual expenses) as it is an either/or selection. There is another option for a big, first year tax deduction on vehicles over 6,000 lbs. GVWR which is under IRC Section 179 auto deduction (suv deduction or truck tax deduction), but that is limited to $27,000 in 2022 or $28,900 in 2023 (or the purchase price, whichever is less); and thus, if you are using the actual expenses method, it would make more tax deduction (tax depreciation) sense to take the 100% bonus depreciation tax deduction under IRC Section 168; and forgo the IRC Section 179 SUV, Truck Tax Deduction. See video link below about the Inflation Reduction Act Vehicle Tax Credits and the electric vehicles tax credit limitations as well as hybrid vehicles tax credits on used electric and hybrid vehicles; EV credits.

JJ THE CPA ALSO COVERS: How to Start a Business. How to Set Up LLC. Limited Liability Company (LLC). How LLC Taxed. Related: LLC vs Corporation. LLC vs. Partnership. LLC vs Sole Proprietorship. LLC is Legal Designation Only. LLC Taxed as Anything. LLC vs Inc. LLC vs LLP. LLC vs DBA. What is LLC Mean? What is LLC Stand For? What is LLC Business? How to Create LLC. Should LLC Be Taxed as S Corp. Should LLC Be Taxed as Partnership. Should LLC Be Taxed as Sole Proprietor. Should LLC Be Taxed as Corporation. Related: What is LLC Operating Agreement? Should LLC be in Logo? TOPICS IN THIS VIDEO FOR SEARCHES: jj the cpa, auto deduction, auto tax deduction, vehicle tax deduction, suv deduction, truck tax deduction, suv depreciation, truck depreciation, auto depreciation, mileage rate 2022, mileage rate 2021, vehicle mileage rate, auto mileage rate, suv 2022, truck depreciation rate, tax mileage rate, tax depreciation, depreciation, section 179 depreciation, section 168 depreciation, bonus depreciation, 100% vehicle deduction, self employed, self employment tax, irs tax, jj cpa

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