IRS HATES This Car Tax Write-Off (Business Owner Guide) Teaching Millionaires podcast

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IRS HATES This Car Tax Write-Off (Business Owner Guide)

4d ago 10:02

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The truth about writing off your vehicle as a business owner that nobody tells you. My contractor buddy Mike bought a $92,000 truck thinking it was a "full tax write-off" - but is the IRS really okay with that?

In this video, I break down:

- The two methods for vehicle tax deductions (standard mileage vs. actual expenses)

- Common vehicle deduction myths that could trigger an audit

- How Section 179 REALLY works (and why people misuse it)

- When a vehicle write-off is legal and when it's an audit risk

- The documentation you MUST keep to protect yourself

FREE RESOURCES:

🚗 Best Mileage Tracking Apps: https://timeero.com/post/best-mileage-tracking-apps

💳 Top Credit Cards for Business Gas Purchases: https://teachingmillionaires.com/recommends/gas-cards

📊 Bookkeeping Tools I Recommend: https://teachingmillionaires.com/recommends/quickbooks

📖 Chapters

00:00 - Can You Write Off Your Car?

01:01 - Mike's $92K Truck Story

02:04 - Tax Deductions vs. Business Growth

02:37 - Two Vehicle Deduction Methods

03:12 - Standard Mileage Method Explained

04:19 - Actual Expense Method & Section 179

05:55 - Three Steps to Legal Vehicle Deductions

06:54 - Real Numbers: Mike vs. Emma

08:03 - Smart Tax Planning Advice

#VehicleWriteOff #SelfEmployed #Section179

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👥 About Rich Smith: Rich Smith helps individuals and business owners optimize their wealth through smart financial strategies. With expertise in tax incentives and wealth preservation, Rich breaks down complex financial concepts into actionable steps.

📌 This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn't be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.

102 episodes

#Business #Rich Smith #Podcasting Education #About Selfemployment