How To Depreciate a Vehicle | Vehicle Tax Write Off for Business 2023
I was able to write off $16,400 in depreciation for my vehicle that I rent out on Turo this past year! In this video How to Depreciate a Vehicle (Vehicle Tax Write Off for Business 2023) I will show you the two methods of Topic 510 Business Use of Car (Standard mileage rate and actual expenses) so you can maximize your tax write offs/deductions for this year.
I am not a financial adviser and this video is to be used for entertainment purposes only. Please consult your tax professional before making any decisions.
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Video Links:
↪︎ Topic 510 Business Use of a Car: https://www.irs.gov/taxtopics/tc510
↪︎ Topic 704 Depreciation: https://www.irs.gov/taxtopics/tc704
↪︎ Section 179 at a Glance for 2020: https://www.section179.org/section_17...
↪︎ Section 179 & Vehicle Deductions: https://www.section179.org/section_17...
↪︎ MACRS: https://www.investopedia.com/terms/m/...
↪︎ 100 Percent Bonus Depreciation: https://www.irs.gov/newsroom/tax-law-...
↪︎ Depreciation Limits: https://www.irs.gov/newsroom/new-rule...
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General Links:
↪︎ Mic: https://amzn.to/2JiRklm
↪︎ Video Editing Software: https://amzn.to/33SaHv1
↪︎ Computer: https://amzn.to/33Oncro
#DebtToDollars #CarDepreciation #TaxDeductions
