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Are you a freelancer, contractor, or self-employed person who sometimes uses your car for work? Then you have two options for writing off your car expenses: the standard mileage method and the actual expenses method.
This video will help you figure out which is the best way for you to write off car expenses. If you choose the standard mileage method, you’ll have to track how much you actually drive for work, and multiply each mile by a standard amount set by the IRS. This is $0.56 per mile in 2021, but it changes every year.
The actual expenses method, on the other hand, doesn’t require you to track all your miles. Instead, you can deduct a percentage of all your vehicle-related expenses — not just gas, but insurance, maintenance charges, license and registration fees, car depreciation, and more. We’ll give you the full list in the video!
When it comes to standard mileage vs actual vehicle expenses, most self-employed people want to know: Which method will help them save more? To figure this out, we dive into two examples — one for typical drivers, and one for heavy drivers (like rideshare and delivery drivers).
We also give you a checklist for determining whether the standard mileage method is right for you. (Hint: Your job is a factor, but so is your car!)
TIMESTAMPS
0:00 - Intro
2:02 - The two ways to deduct vehicle expenses
2:53 - Actual expenses method
3:26 - Example #1: Typical drivers
5:12 - Example #2: Heavy drivers
6:08 - Which method is right for me?
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MORE ABOUT CAR EXPENSES AND MILEAGE
Ultimate Guide to Car Tax Deductions and Mileage [ Ссылка ]
Mileage vs. Actual Expenses: [ Ссылка ]
The Quick Guide on How to Track Miles for Taxes [ Ссылка ]
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COMMON TAX WRITE-OFFS
For rideshare drivers: [ Ссылка ]
For delivery drivers: [ Ссылка ]
For real estate agents: [ Ссылка ]
For freelance journalists: [ Ссылка ]
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FREE TAX RESOURCES
1099 Tax Calculator: [ Ссылка ]
How Much Should I Set Aside for Taxes?: [ Ссылка ]
Quarterly Tax Calculator: [ Ссылка ]
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OTHER VIDEOS TO WATCH
How to Write Off Car Expenses: [ Ссылка ]
Writing Off Travel Expenses: [ Ссылка ]
Mileage vs Actual Vehicle Expenses | Best Way to Write Off a Car
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