1099 CRNA Institute: Thrive as your own boss-Auto Expenses

Video Transcription

Video Summary

The speaker discussed different methods for deducting business car expenses, emphasizing the need for detailed documentation of business mileage. The first method involves tracking business mileage and deducting expenses at a set rate per mile, while the second method entails deducting actual expenses such as gas, maintenance, and insurance. Personal and commuting miles are non-deductible. The speaker highlighted the importance of keeping receipts and determining the percentage of driving attributable to business. It was mentioned that if a car was previously written off for business purposes, expenses can still be deducted. The goal is to simplify tracking and maximizing deductions for business car use.

Asset Subtitle

If you use your personal vehicle for business purposes, you can deduct the business-related portion of vehicle expenses, such as mileage, fuel, maintenance, and insurance.

Keywords

business car expenses

deducting expenses

business mileage

tracking mileage

business deductions