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Options for Deducting Your Company’s Auto Expenses

Options for Deducting Your Company’s Auto Expenses

When it comes to deducting a company’s auto expenses, mileage is often a business owner’s first choice because it’s the most known practice. But it may not be the best option for you. Instead, you might go the “actual expense” route, which involves factoring in depreciation. This option may be better suited to Truck or SUV owners, as well as those leasing or electric car owners. Bottom line: too many small business owner don’t take advantage of this deduction and leave dollars on the table as a result. Here is a basic explanation of your options and should open the door for a strategic conversation with your tax planner.

 

Options for Deducting Your Company’s Auto Expenses

Options for Deducting Your Company’s Auto Expenses

When it comes to deducting a company’s auto expenses, mileage is often a business owner’s first choice because it’s the most known practice. But it may not be the best option for you. Instead, you might go the “actual expense” route, which involves factoring in depreciation. This option may be better suited to Truck or SUV owners, as well as those leasing or electric car owners. Bottom line: too many small business owner don’t take advantage of this deduction and leave dollars on the table as a result. Here is a basic explanation of your options and should open the door for a strategic conversation with your tax planner.

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