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How to Write Off Your Dream Car Tax Free in 2022

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LYFE Accounting

What if I told you, how you can write off your dream car in 2022, tax free... AND the business tax code was actually setup to help write off your dream car.

AND global companies around the world take advantage of this by providing cars from their executives and employees.

Crazy right? In this video, let me show you how you can write off your dream car this year. Must watch the entire video!

UPDATE: When it comes to Section 179, there is a $25,000 cap for all other “heavy” vehicles like the GWagon mentioned. To take the full accelerated depreciation you must have a vehicle that is described as a passenger van, utility truck or utility van.

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Outline for How To Write Off Car in 2022:

Intro to Writing off a Car for taxes: (0:00​)
What is Standard Mileage Rate: (1:30​)
Actual Expense Vehicle Tax Deduction: (2:49)
Which One Should You Choose?: (4:00​)
How to Use Standard Mileage Rate Deduction: (5:45)
How to use actual expense deduction: (6:15​)
Accelerated vehicle depreciation: (7:23)
Car Depreciation recapture: (9:22)
Bonus tips: (10:07)

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