Buying a vehicle through your business sounds like a clean tax win, but the rules around ownership, usage, and substantiation make it far more complicated — and far riskier — than most owners realize. Jeremy breaks down what actually determines whether a vehicle expense is deductible, why mileage logs are full of trips the IRS won't allow, and how a shift in business use percentage can trigger depreciation recapture that wipes out years of deductions.
Connect with Jeremy
https://www.linkedin.com/in/jwellstax
https://www.steadfastbookkeeping.com
Subscribe on YouTube
https://www.youtube.com/@TaxinAction
Earn CPE for Listening to This Podcast
https://www.earmark.app/
This podcast is a production of Earmark Media
- (00:00) - Influencer Tax Myths
- (03:32) - Core Tax Authority
- (07:25) - Business Trips vs Commutes
- (14:25) - Home Office Exception
- (19:09) - Strict Substantiation Rules
- (26:33) - Mileage Logs That Win
- (31:49) - Fringe Benefits and Accountable Plans
- (36:08) - Depreciation Limits and Recapture
- (43:51) - Standard Mileage Rate Option
- (45:54) - Three Question Framework
- (47:52) - Scenario Walkthroughs
- (55:58) - Key Takeaways and Wrap Up
Connect with Jeremy
https://www.linkedin.com/in/jwellstax
https://www.steadfastbookkeeping.com
Subscribe on YouTube
https://www.youtube.com/@TaxinAction
Earn CPE for Listening to This Podcast
https://www.earmark.app/
This podcast is a production of Earmark Media