Standard Mileage Method vs Actual Expense Method - EVERYTHING You MUST Know!! Which is Better?

How much do you know about the Standard Deduction Rate and the Actual Expense Method for Tax Deductions for Business use on Vehicles? What are the major differences and which is best for you during tax season? In this video, we are talking about the Standard deduction rate and the Actual Expense Methods for writing off your vehicle, which is best for you, and everything in between!

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Joseph Mayo, Founder of GigTax:
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IRS Standard Mileage Rates:
https://www.irs.gov/tax-professionals/standard-mileage-rates

Source:
https://www.irs.gov/taxtopics/tc510

https://turbotax.intuit.com/tax-tips/self-employment-taxes/standard-mileage-vs-actual-expenses-getting-the-biggest-tax-deduction/L0wIEUYhh

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Disclaimer: The content of this video does not contain and is never intended to be legal, business, financial, tax, or health advice of any kind, This video is for entertainment purposes only. It is advised that you conduct your own research and consult with qualified professionals before applying anything you find online.

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