Barely started my business but haven't started actual business so this was irrelevant to me at the time but was so rich in information and your attitude as well, that was 15 minutes of my life well spent! I know this was a year ago but keep up the good work!
I drive 50k or so miles a year and I can tell you the mileage deduction seems to be better with an efficient vehicle driving high mileage than the expense method. My vehicle expenses aside from gas are low because I change oil and brakes and fluids myself.
being a cleaning lady for an office i carry my supplies with me and then their trash cardboard and recycle to discard it would those miles be counted as work since i'm using it for work?
Your videos are very helpful, Thanks. Here is my question….. We are a husband and wife LLC and will be filing a 1065 partnership return. I use my personal vehicle totally for pool service business (have another vehicle for personal use) I want to deduct my mileage...and don’t know the best option…. 1- if I reimburse myself from the LLC, say monthly, the standard mile rate, where does it show on my 1065 LLC tax return as an expense (there is no line for vehicle/travel expense)? Or 2-if I don’t get reimbursed by the LLC, where can I take the deduction on my personal tax return (which form and line). Thanks.
Great work thanks... So this works the same as if it was owned for business or self employed. Most youtube videos are geared for people with a business. I am interested in Drivers ed teaching so I would be self employed. Looks like it will work out
I don't own the truck I use for the lawn care business I own is there anyway to take a deduction for the gas expense on the truck also is there a way to take a deduction for gas expense on equipment like the mower, weed eaters thanks for the videos helped a lot to understand this year's taxes
Gas for equipment that's used for business qualifies as a normal business expense (supplies) for your line of work. Unfortunately, there's no vehicle deduction (or the gas) if you don't own the vehicle.
Is there a percentage of home use that is required to claim a home office? I do in-home therapy and some of my clients live 80+ miles from me. However I had one client for over a year and saw them 6 days a week. I guess that’s technically commuting. I do about 20% of my work from home. Can I claim home office?
I run the food delivery apps. But the car is under my girlfriend’s name, and she is still paying it off. But I am on the insurance policy to drive the vehicle. Do I still qualify for a vehicle write-off?
If I was having my tax's done and I'm not sure what method was being used ( std. or act. ) how many years do I have to go back and check ? and then what ?
I'm not completely sure what you mean, but ya, it can be a PAIN! Which is why I always recommend the standard mileage rate method. It's quite easy to check by looking at your forms though... Are you saying you still have the same rules??
I'm a 1099 contract employee for an agency, I do some work at home (about 20-30% administrative type work) and have to drive to the business at least 4 days a week. Can I deduct my commute to the agency as travel for a deduction? And can I deduct home expenses?
No, you are the owner even when a vehicle is financed - they are just holding the title as collateral Also, remember you can deduct the interest on the loan
Business Finance Coach thank you! Love your videos. Very informative and you make it so easy to understand. Such a beautiful person who deserves all the blessings coming your way.
It depends on the K-1 -- partnership or s-corp? simply stated, s-corp gets NONE and partnership can deduct them but make sure your partnership agreement includes a clause that you must pay unreimbursed expenses and can deduct
I have a question. I switched contractors and i'm driving way more miles for this new contract job. Can I go from the actual expense method to the standard mile deduction?
I explain this at 12:00 - No once you choose the ACTUAL method for the first year you claim business use of the vehicle, you cannot switch to the STANDARD method.
Thank you for your helpful videos! I am binge watching all of them! I just began tracking my actual expenses this March. Because I didn't track actual expenses earlier in the year, will I need to go with the standard mileage method? I got new tires and was hoping to write them off. Is there a way to do so if I'm going with the standard mileage method? Thank you!
Thank you!! I'm SO glad they helped! No on deducting tires other ways... I would say unfortunately - but in the grand scheme of the rules - standard mileage rate will save you a massive headache - for many reasons (especially when you stop using the vehicle). Technically it includes an allocation for things like tires. All sorts of things go into the actual method, if all you enter is your tires, it will be a much smaller write off than standard mileage rate anyway. You can go into a software like TurboTAx, or FREE Tax USA (which is actually free even for self-employed) and enter your actual expenses and test it out.
hi Amanda , what if i used 2 vehicles for business? one half of the year and the other vehicle for the other half of the year? i drove for pizza half of the year and then i was self employed the other half of the year. Please help Im confused. :)
You will just add BOTH vehicles to the software. When you add your first vehicle, on one of the first screens (I think I mention it in this video), you'll need to check the box that you STOPED using your vehicle during 2018. There are extra questions to answer, it can get a little confusion but you could just enter both vehicles and leave it at that. Next year, delete the one you no longer use.
Leased vehicle does not change much! You have the SAME options as in this video. The only change is that with the ACTUAL EXPENSE METHOD, your expenses are your lease payments instead of depreciation. But, I will try :)
I loved this video, however, I am not finding the option to depreciate my vehicle in the business section on the 2019 TurboTax version. Is there another way to get to the section 179 in the 2019 version of Home and Business?
It's part of the questions for your vehicle - however, it's only part of the ACTUAL method, so if you are using the STANDARD MILEAGE RATE method, you won't be able to enter it for depreciation
![What Income Is Taxable When Self-Employed? 1099-misc 1099-k [Taxes in TurboTax VIDEO #2]](http://i.ytimg.com/vi/jPXHglQz9Lc/mqdefault.jpg)
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Barely started my business but haven't started actual business so this was irrelevant to me at the time but was so rich in information and your attitude as well, that was 15 minutes of my life well spent! I know this was a year ago but keep up the good work!
I drive 50k or so miles a year and I can tell you the mileage deduction seems to be better with an efficient vehicle driving high mileage than the expense method. My vehicle expenses aside from gas are low because I change oil and brakes and fluids myself.
Well explained! Thank you so much for your help.
Thank you for taking the time to make these videos. Very helpful
Dude, awesome video. Thanks for explaining this very slowly. Finally . 🙏🏽
SO happy you liked it!
Thank you so much for explaining this!!
Great video great information!! Thank you so much! Turbo tax should be paying you to make how to videos on their product.
being a cleaning lady for an office i carry my supplies with me and then their trash cardboard and recycle to discard it would those miles be counted as work since i'm using it for work?
Your videos are very helpful, Thanks. Here is my question….. We are a husband and wife LLC and will be filing a 1065 partnership return. I use my personal vehicle totally for pool service business (have another vehicle for personal use) I want to deduct my mileage...and don’t know the best option…. 1- if I reimburse myself from the LLC, say monthly, the standard mile rate, where does it show on my 1065 LLC tax return as an expense (there is no line for vehicle/travel expense)? Or 2-if I don’t get reimbursed by the LLC, where can I take the deduction on my personal tax return (which form and line). Thanks.
Great info! thanks
Hey business coach what program are you using to do your presentation allowing viewers to see what you are doing while talking at the same time?
How would truck drivers calculate mileage and fuel cost to be deducted or is it not allowable?
Great work thanks... So this works the same as if it was owned for business or self employed. Most youtube videos are geared for people with a business. I am interested in Drivers ed teaching so I would be self employed. Looks like it will work out
I don't own the truck I use for the lawn care business I own is there anyway to take a deduction for the gas expense on the truck also is there a way to take a deduction for gas expense on equipment like the mower, weed eaters thanks for the videos helped a lot to understand this year's taxes
Gas for equipment that's used for business qualifies as a normal business expense (supplies) for your line of work. Unfortunately, there's no vehicle deduction (or the gas) if you don't own the vehicle.
Is there a percentage of home use that is required to claim a home office? I do in-home therapy and some of my clients live 80+ miles from me. However I had one client for over a year and saw them 6 days a week. I guess that’s technically commuting. I do about 20% of my work from home. Can I claim home office?
I run the food delivery apps. But the car is under my girlfriend’s name, and she is still paying it off. But I am on the insurance policy to drive the vehicle. Do I still qualify for a vehicle write-off?
If I was having my tax's done and I'm not sure what method was being used ( std. or act. ) how many years do I have to go back and check ? and then what ?
I'm not completely sure what you mean, but ya, it can be a PAIN! Which is why I always recommend the standard mileage rate method. It's quite easy to check by looking at your forms though... Are you saying you still have the same rules??
I have the same issue. I don't see that my tax records ever included my car expenses at all. 😕
If you drive for lyft why wouldn't be able to write off your car note
I'm a 1099 contract employee for an agency, I do some work at home (about 20-30% administrative type work) and have to drive to the business at least 4 days a week. Can I deduct my commute to the agency as travel for a deduction? And can I deduct home expenses?
hey where can I download your spreadsheet?
I’m an Amazon flex driver. My question is, from my last package drop off to my home, is that miles deduction?
If, you have a home office to handle management activities. If not, no.
I'm a little confused. I read Section 179 allows $10,000 for vehicle purchases and $18,000 for bonus depreciation.
Limits change, concepts are the same
Ok thanks for the reply!
When you say "own your vehicle" does that mean I must have the car paid off? I financed a pickup this year for my construction business.
No, you are the owner even when a vehicle is financed - they are just holding the title as collateral
Also, remember you can deduct the interest on the loan
Business Finance Coach thank you! Love your videos. Very informative and you make it so easy to understand. Such a beautiful person who deserves all the blessings coming your way.
Hi! Thank you for your videos What is the difference if I'm using a K1 as far as these deductions go?
It depends on the K-1 -- partnership or s-corp? simply stated, s-corp gets NONE and partnership can deduct them but make sure your partnership agreement includes a clause that you must pay unreimbursed expenses and can deduct
Can you write off car deductions when you don’t own the car? My parents do but it’s my car that I drive and use for doordashing
technically, no. you should own the vehicle.
Business Finance Coach Is there any other way to go about the deductions as I have took on the expenses?
I have a question. I switched contractors and i'm driving way more miles for this new contract job. Can I go from the actual expense method to the standard mile deduction?
I explain this at 12:00 - No once you choose the ACTUAL method for the first year you claim business use of the vehicle, you cannot switch to the STANDARD method.
i do 1500 miles per month and we use an app called Motus easy as can be
Brilliant 🤟🏼 💛 💰
What if the vehicle is financed? Does that change on claiming the depreciation?
nope - and you can deduct the business portion of interest on your payments
great video
5:10 for MILEAGE !!!
Thank you for your helpful videos! I am binge watching all of them!
I just began tracking my actual expenses this March. Because I didn't track actual expenses earlier in the year, will I need to go with the standard mileage method? I got new tires and was hoping to write them off. Is there a way to do so if I'm going with the standard mileage method? Thank you!
Thank you!! I'm SO glad they helped!
No on deducting tires other ways... I would say unfortunately - but in the grand scheme of the rules - standard mileage rate will save you a massive headache - for many reasons (especially when you stop using the vehicle). Technically it includes an allocation for things like tires. All sorts of things go into the actual method, if all you enter is your tires, it will be a much smaller write off than standard mileage rate anyway.
You can go into a software like TurboTAx, or FREE Tax USA (which is actually free even for self-employed) and enter your actual expenses and test it out.
If I drive from my W2 job to my home office (house that i also have an workspace in) does that count as business miles?
Since it’s not related to your self employed business/gig, then no.
hi Amanda , what if i used 2 vehicles for business? one half of the year and the other vehicle for the other half of the year? i drove for pizza half of the year and then i was self employed the other half of the year. Please help Im confused. :)
You will just add BOTH vehicles to the software. When you add your first vehicle, on one of the first screens (I think I mention it in this video), you'll need to check the box that you STOPED using your vehicle during 2018. There are extra questions to answer, it can get a little confusion but you could just enter both vehicles and leave it at that. Next year, delete the one you no longer use.
I took a shot every time there was a teeth sucking sound. @3:25 now im dead . thanks 🙉🍹
i bought my car in 2015 but only started using it for business in 2018. can i still write it off?
Yes, what ever you used in 2018.
Can you please make a vid for if you leased the vehicle
Leased vehicle does not change much! You have the SAME options as in this video. The only change is that with the ACTUAL EXPENSE METHOD, your expenses are your lease payments instead of depreciation. But, I will try :)
I loved this video, however, I am not finding the option to depreciate my vehicle in the business section on the 2019 TurboTax version. Is there another way to get to the section 179 in the 2019 version of Home and Business?
It's part of the questions for your vehicle - however, it's only part of the ACTUAL method, so if you are using the STANDARD MILEAGE RATE method, you won't be able to enter it for depreciation
can you fill tax return with your rent leasing contract?
I can’t get see the template.....
It's a little late but www.amandarussell.mba/getthebusinessspreadsheet
Why do I have to pay 40 dollars to do it?
HUH - do what? Do you mean TurboTax? They are the most expensive one! Use www.freetaxusa.com!
MAY GOD'S FACE CONTINUE TO SHINE UPON U AND SURROUND U WITH THE HOLY SPIRIT IN JESUS CHRIST HOLY NAME AMEN.🙏🏽🙏🏽🙏🏽🙏🏽🙏🏽
cringing way too hard to actually watch this