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Most people know that they can deduct costs related to their work or business when calculating their taxable income. However, specific technical rules govern the deduction for certain expenses. In order to stay within accordance with the IRS, it is essential that you are familiar with these rules so that you can take full advantage without fearing an investigation. In this episode, Evgeni Ivanov will be joining the show to talk specifically about Section 162 of the Internal Revenue Code regarding vehicles, auto deductions, and in what circumstances it is acceptable to expense your vehicle as a business owner or an employee.
Listen in as Evgeni explains why commuting is not a business expense that you can deduct and what actually counts as a business expense. You will learn the importance of speaking to your CPA in order to keep track of expenses, why it is essential to keep documentation of expenses, and what to be aware of as you’re considering your internal finances.
What You’ll Learn In Today’s Episode:
- Common misconceptions about the expensing of vehicle use for a business.
- Why commuting to work does not count as a business expense.
- What counts as a business expense as a locums physician.
- Why you can’t deduct speeding tickets.
- The importance of keeping track of expenses.
- Why you don’t always need receipts (and what you do need).
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