@@chloemichelle7335 the bonus description is based on the percentage of business use. So, if it’s only 80% for business then you’d use that percentage in your calculations.
@@stephainerose8765 you can pick to deduct the "business mileage" or the other way is to keep track of all the expenses with receipts - it's either or annally. Then the depreciation and bonus depreciation works differently than what you "deduct" annually for a business vehicle.
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What questions do you have about buying a car for your business?
Does a vehicle have to be in the company's name for bonus depreciation? Or would personal be okay?
@@chloemichelle7335 the bonus description is based on the percentage of business use. So, if it’s only 80% for business then you’d use that percentage in your calculations.
Wouldn't the insurance, payments, gas or mileage depreciation all be a tax deduction, quarterly or at the end of the year for that vehicle/business?
@@stephainerose8765 you can pick to deduct the "business mileage" or the other way is to keep track of all the expenses with receipts - it's either or annally. Then the depreciation and bonus depreciation works differently than what you "deduct" annually for a business vehicle.
@@richsmithedu thank you, Godspeed and all the luck in the world to you!
Excellent video, helps break down the nuts and bolts of company vs personal Car/truck
First