MARK KOHLERMain Street Professionals, Main Street Professionals, Main Street Professionals, Main Street Professionals, Main Street Professionals, LLC · Owner at Main Street Professionals, LLC

Own Multiple Vehicles? Do This!

20 Jan 2023 · 1 min

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Tax advisor Mark Kohler shows how one business can use three different deduction methods across three vehicles: lease a BMW and write off the expense, use the mileage method on a family car, or buy a used F-150 for $20,000 and claim depreciation and Section 179 expensing. Keep business use above 50% on each.

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So in my business, I had three vehicles. This was back in the day I leased a BMW and wrote it off. In my business, I had it over 50% business use. We had a car in the family that the family would use for business and I might use. And I did mileage on that. And then I had a truck that I bought right before year end for like 20 grand. It was a used F150. And I wrote off the whole damn thing and put that under the real estate business and a little bit of operational. So I was able to write off actual method with the depreciation. 179. Then I did mileage on another vehicle, and then I did leasing actual. So you could do all three. So in three different vehicles, same business. Just make sure they're using them for business.