How to Deduct Your Vehicle (Part 2): Business Vehicles and Depreciation

In the last episode, we covered how to deduct your personal vehicle if you're using it for business. So if you have a vehicle under your personal name and you're using it once in a while for business, we gave you a couple of ways to deduct that. Now we're moving into deducting a dedicated business vehicle, meaning it is used more than 50% for business. In this case, you are going to want to consider putting it in your business's name in order to take advantage of depreciation. I'm going to break down this strategy and give you some things to think about when it comes to purchasing a business vehicle.

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.