Hello,
For the last 7 years I have been writing off the mileage of my truck for my business. However, I am thinking of purchasing a new truck and I am still unsure how the deductions will benefit me in the long run. I have had many people suggest writing off the truck instead of the mileage.
Can someone please explain how the latter will benefit me? Please explain it as basic as possible.
As an example: Gross $80k and $30k in deductions(not including truck)
Thank You In Advance
For the last 7 years I have been writing off the mileage of my truck for my business. However, I am thinking of purchasing a new truck and I am still unsure how the deductions will benefit me in the long run. I have had many people suggest writing off the truck instead of the mileage.
Can someone please explain how the latter will benefit me? Please explain it as basic as possible.
As an example: Gross $80k and $30k in deductions(not including truck)
Thank You In Advance