Vehicle Write offs
When it comes to business vehicle expenses, you have two options.
2. Depreciation of the vehicle and actual expenses
Option #1 you need to keep an accurate log of your business mileage throughout the year.
If you are going to take option #2, it is important to save receipts and keep track of the following in order to get the most accurate write off.
- Gas & Oil
- General Maintenance & Repairs
- New Tires
- Registration & Tax Fees
- Tolls & Parking Fees (Can be taken even with mileage)
Your vehicle can be a large business write off. It’s important to weigh out which one will be the best option for you. We would be happy to discuss with you.