Vehicle Write offs

When it comes to business vehicle expenses, you have two options.

1. Mileage

or

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
• License
• Insurance
• Storage
• 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.