Great video! A few questions: 1) Are detailed mileage logs a requirement regardless even if you opt for actual expense method? On the one hand I could see you saying "Yes, in order to determine the prorate/business use portion" to which I would ask, what about a vehicle exclusively used for business - mileage logs still required for actual expense method? 2) If I deducted actual expenses last year - on a car previously used for personal use only - while operating as a sole proprietor and in 2023 I incorporated an LLC and began to use the same vehicle for business purposes (but kept the car registered to myself and not my LLC) does that 'reset' the 'first put into service date'? If I had to guess I might say that if my sole proprietorship was a completely different business from my LLC it would be a new "put into service date" but if my LLC was continuing the same business previously done by the sole proprietorship the "put into service date" would not reset. Am I off base? Thanks in advance and for the great content!
Thank you for watching and for your kind words! :D With respect to your question, yes, you may deduct the Fair Market Value (FMV) of the phone mount as of the date that it was placed in service for business purposes.
fantastic video :) I appreciate the on-screen publications!!
Thank you for watching and for your kind words - glad it was helpful! :D
4:55 First year must use standard mileage rate if you want option to use it later.
Thank you for your comment. I thought that was what I said in the video, no?
Great video! A few questions:
1) Are detailed mileage logs a requirement regardless even if you opt for actual expense method? On the one hand I could see you saying "Yes, in order to determine the prorate/business use portion" to which I would ask, what about a vehicle exclusively used for business - mileage logs still required for actual expense method?
2) If I deducted actual expenses last year - on a car previously used for personal use only - while operating as a sole proprietor and in 2023 I incorporated an LLC and began to use the same vehicle for business purposes (but kept the car registered to myself and not my LLC) does that 'reset' the 'first put into service date'? If I had to guess I might say that if my sole proprietorship was a completely different business from my LLC it would be a new "put into service date" but if my LLC was continuing the same business previously done by the sole proprietorship the "put into service date" would not reset. Am I off base?
Thanks in advance and for the great content!
Great and very helpful video. Thank you, Alex!
Thank you for your feedback, much appreciated! :D
this is a two thumbs up video! quick question, can I deduct a phone mount that I bought Feb 2023 but I started Uber in April 2023? thank you!
Thank you for watching and for your kind words! :D With respect to your question, yes, you may deduct the Fair Market Value (FMV) of the phone mount as of the date that it was placed in service for business purposes.
@@EfrosFinancial thank you very much!
You're welcome -- subscribe to the channel for more videos! :D
Informative thanks!
Thanks for watching and for your kind words -- be sure to subscribe to the channel for more videos! :D
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