Financially Simple

In episode 163 of Financially Simple, Justin goes over the two methods of claiming tax breaks on your vehicles. Should you depreciate the value of your vehicle, or take a mileage deduction? Which is best? Justin looks at both options and explains how each is applied, as well as the pros and cons of each, and a few exceptions to the rule. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  TRANSCRIPT/BLOG: BLOG: Standard Mileage vs. Actual Expenses - Which is Better?   TIME INDEX: 00:58 - Should a Business Owner Depreciate Their Car or Take a Mileage Deduction? 01:21 - Standard Mileage Rate vs. Actual Expense Method 03:04 - Standard Mileage Rate 04:12 - 5 Things That You Can't Do 05:01 - Actual Expense Method 06:03 - Can You Switch Between These Methods? 06:49 - Which is Best For You 08:15 - Guidelines to Choose The Method For Writing Off Business Expenses 11:35 - One Caveat 11:58 - Sign Off   USEFUL LINKS: Financially Simple Financially Simple on YouTube Fin