Ah yeah I meant like actual cost vs standard mileage. Guess the vehicle itself is different. Isn’t that a red flag tho to add a 76,000 truck to my business on 12/28 lolAre you talking about mileage vs. fuel deduction? I’m talking about depreciation of the truck. The IRS thinks your truck has a useful value of 5 years for your business and lets you deduct the loss of value for each year (aka depreciation). As of 2018, you can accelerate that depreciation and deduct it all during the first year of purchase. I’m not a tax advisor—but it’s definitely worth exploring the “bonus depreciation” introduced under Trump’s tax plan with a tax advisor though since these Raptors might be financially a good “work truck”.
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