In this video, Alexander Efros, MBA, EA, CPA, CFP® from Efros Financial discusses the vehicle expense deduction for income tax purposes for selfemployed individuals (sole proprietors, freelancers, independent contractors, and owners of singlemember LLCs).
0:00 Introduction
1:55 Standard mileage rate method vs. actual car expense method.
11:38 Why are mileage logs important?
14:04 Leased vehicle scenario actual expense method.
19:04 Leased vehicle scenario standard mileage rate method.
21:08 Purchased vehicle scenario actual expense method.
31:24 Purchased vehicle scenario standard mileage rate method.
37:43 Live Q&A.
IMPORTANT: The information presented in this video is not tax advice, tax analysis, or legal advice, and it should not be construed as either of these. Consult with a qualified tax and/or legal adviser prior to acting on any of the information presented in this video.
Efros Financial is a Los Angelesbased CPA firm providing small business accounting/bookkeeping, tax preparation/resolution, and financial planning services.
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Questions? Please feel free to reach out at (323) 5313500 or [email protected].