Vehicle Tax Deductions For Independent Contractors (ULTIMATE GUIDE)

In this video, Alexander Efros, MBA, EA, CPA, CFP® from Efros Financial discusses the vehicle expense deduction for income tax purposes for self-employed individuals (sole proprietors, freelancers, independent contractors, and owners of single-member LLCs). 0:00 - Introduction 1:55 - Standard mileage rate method vs. actual car expense method. 11:38 - Why are mileage logs important? 14:04 - Leased vehicle scenario - actual expense method. 19:04 - Leased vehicle scenario - standard mileage rate method. 21:08 - Purchased vehicle scenario - actual expense method. 31:24 - Purchased vehicle scenario - standard mileage rate method. 37:43 - Live Q&A. IMPORTANT: The information presented in this video is not tax advice, tax analysis, or legal advice, and it should not be construed as either of these. Consult with a qualified tax and/or legal adviser prior to acting on any of the information presented in this video. Efros Financial is a Los Angeles-based CPA firm providing small business accounting/bookkeeping, tax preparation/resolution, and financial planning services. Visit Efros Financial online -- we're here to help! https://www.efrosfinancial.com/ Questions? Please feel free to reach out at (323) 531-3500 or [email protected].