What’s the best way for you to deduct your business vehicle? Should you use…
The IRS mileage rate?
or
The actual expense method?
If you’re using the mileage rate because you think it’s easier, or because you believe you won’t have to keep a mileage log, you could be in for a nasty surprise.
To find out which deduction method actually puts
more money in your pocket, try our…
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Vehicle Deduction
Magic Calculator
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Here’s how it works:
Just enter your information in our Vehicle Deduction Magic Calculator and it will instantly show you whether the IRS mileage rate or the actual expense method saves you more money. Put the “magic” to work for you now!
Three facts you should know now:
Fact #1: The calculator gives you the cash result over the business life of the vehicle, from the time you buy it and place it in service, to the time you sell it. Tax software just doesn’t do this for tax professionals or consumers. Try the Magic Calculator.
Fact #2: If tax software does a “what best” calculation, it compares the current year only. And when you consider the luxury vehicle limits, the first-year 50% bonus depreciation, and Section 179 expensing, that one-year comparison can easily give you the wrong answer. You’ll get the right answer when you try the Magic Calculator.
Fact #3: Remember that the IRS mileage rate contains a depreciation component. The Magic Calculator considers the mileage rate depreciation in its calculations and calculates gain or loss on sale. This means you’ll get a true comparison of the mileage rate and the actual expense methods. Try the Magic Calculator.