How to Write Off a Vehicle in 2024 (NEW Tax Code Changes)

Here's a new update on How to write off the vehicle in 2023. There have been a few updates to the tax code that makes using the vehicle tax deduction even more powerful. Watch this entire video to get a full understanding of these updates and how they can help you.

Timestamps
Update on How to Write Off a Vehicle (0:00)
#1 Two Methods for Vehicle Tax Deduction (1:02)
#2 Maximizing Depreciation for Cars (4:37)
#3 Section 179 and Bonus Depreciation (7:28)
#4 Standard vs Actual Method (11:12)
#5 Important Notes & Frequently Asked Questions (13:47)
Depreciation Recapture (15:14)

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

[bro.ianmuhammad]

Ty for dropping these jewels... easily explained with visual effects

[LanierFamily]

This was amazingly helpful. Thank you so much!

[ericalouie]

Amazing...your video is very helpful with the notes and examples. Thanks!

[ivvclvi]

This video is an all videos in the series are extremely helpful! I would love to see a travel expenses breakdown video!

[sandys]

You are amazing. So professional, concise, clear, thorough - just wow! If I still owned my medium sized business, I would be calling you right now. Alas, I am “retired”.

[preciousrutlin]

Thank you for doing this video. It was very helpful

[BradBrother]

Thank you for posting and providing the right amount of explanation

[gladyswj]

Job well done! Much appreciate the timely and relevant content, delivery, time stamps (chapters), and you. Keep at it.

[Iheartcatz]

Thank you for clear cut tax information. You explain it well.

[TheChaz]

BTW thanks for doing this! Your helping the little guy while hopefully adding a lil jingle to your pocket. Good on you!

[josephinebardot]

Thank you a lot for this video. This is very interesting and informative. Keep posting like those amazing videos, this is awesome.

[MikeLocke]

Such a valuable breakdown - thank you!

[aerotheoreo]

Killing it with that suit! Looks awesome on you!

[bayareatutors]

would love a video on business travel expenses! ty for this video

[Praisekeeper]

Great video! This is the most thorough explanation that I've seen

[richardomar]

Awesome info very grateful greatly appreciated bro

[JordonJohnson]

Great video. Please make a video on how to deduct travel expenses.

[ztrqdbq]

Thank you for the information.

I use an accountable plan to reimburse me for my vehicle's gas, repairs, insurance, etc.

Do I claim the depreciation under an accountable plan or when I file my taxes annually, is there a place to claim the deduction?

[jaydajourney]

This is just make easier understanding for person like me who not familiar with TAX vocabulary 😂. Thank you so much. So basically, can use either one of strategy, not both ? Depending on your situation. Correct? What if i use mileage method. Can i use expenses on fixing that car during driving to do my business and tired got flat? It happened to me. 😅. Thank you.

[msjdb]

Great video!! One more note: if you take expenses first year, you can't switch to mileage for another year. You can only use the expense method on that vehicle thereafter. IRS: To use the standard mileage rate for a car you own, you must choose to use it in the first year the car is available for use in your business. Then, in later years, you can choose to use the standard mileage rate or actual expenses.