#CPA #Taxes #vehicle

👉 My website: www.mikekellyCPA.com (Please feel free to contact me if you are seeking tax or accounting services. After discussing your needs and/or reviewing your information I can offer a quote/estimate of what it would cost to perform the work. I work with clients all throughout the United States.

Chapters (Time Stamps):
1:18 The three primary ways to boost your vehicle deductions
2:34 How to start taking vehicle deductions
3:30 Standard mileage deduction 2021 & 2022
4:18 How to track your miles properly
5:35 When you CANNOT take Standard mileage deduction
5:55 Example of the power of the mileage of the deduction

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To properly track your miles via paper or electronically consider the following:
1. What are the total miles you drove during the year.
2. Of those total miles, how many were specifically for business purposes
3. Brief description of the business purpose of the trip. (Went to see a client to perform a job, networking conference, miles to gather materials and supplies, etc.)
There are plenty of mileage tracking apps you can utilize on your phone, but ultimately use whatever method works best for you. If pen and paper works best, use pen and paper. Doesn't matter how it is tracked as long as it is tracked.

As an example if you drive 10,000 miles for business in 2022 that is a total deduction of 5,850. Assuming your combined federal federal and state tax rate is 25% it is like pocketing $1,462 in cash that you will no longer have to pay out to the government.

I’m making a series on vehicle deductions and we are going to cover actual expenses next and how to deduct the cost of your car so make sure you are subscribed to not miss it. My name is Mike kelly with Mike kelly CPA and I’m here to help you preserve your wealth and elevate your business health. See you in the next video.