Vehicle Expenses: Mileage vs Actual

Great video! I was wondering if you can use actual expense for 1 vehicle and standard mileage for the other vehicles in the same year?

90% of people do not buy a $50,000 vehicle.

When you say you can’t switch from one to the other, do you mean for the year or forever (or life of that vehicle?)

only thing I don’t like about this video is that I DIDNT WATCH IT MONTHS AGO!!! 😍😍👏🏼👏🏼👏🏼

what a great explanation!

What if I bought the parts but did the labor myself? Head Gasket repair, involves pulling engine out of vehicle, dissambly, machining of the heads, etc

Great video. Sad to see you haven't uploaded in about 5 months. Hope you keep doing these. They seem to be great qualify and very informative.

I know this video is from 2021 but one thing I read online is that once you choose to do actual expenses on a vehicle, you no longer have the option to do standard milage for the rest of the ownership of that vehicle, is this true?

If I Lease a car can I switch method from Actual to Milage, or Milage to Actual every other year? Thank you

Please for the love of God remove the background noise from your video 🤦

30000x.56 is $16800 isn’t it or did I miss something

Is this in the US??? will this apply to canada taxation.tnx

Thanks for the content. IRS says you can not use standard milage deduction if you have 5 and above vehicles. Is this cap limited to the LLC doing the business or the owner of the LLC? If you have 4 cars under one LLC and 3 cars under another LLC, does this cap apply to you?

Thanks great video! I'm wondering if the price that the car is sold for when the business is done with it effects the tax deductions at all?

in your example on the actual deduction you said it works out to be $134,000 over 8 yrs. Is that a total of $130,000 broken down over 8 yrs AND the other mileage example provides a $134,400 deduction each year?

So 833 per month for gas, car wash, tire, brakes, oil change interest on loan, sales tax, auto maintenance on a 50,000 vehicle with gas at 3.50 per gallon for premium when your using 2,500 miles per month filling up at least 6 times per month ? I think 10k per year is aggressively conservative to say the lease!

thank you for this video!!!