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Options for Deducting Your Company's Auto Expenses Deducting auto expenses can confound small-business owners, but it doesn't have to. Here's a quick explanation of your options.

By Mark J. Kohler

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

When it comes to deducting a company's auto expenses, mileage is often a business owner's first choice because it's the most known practice. But it may not be the best option for you. Instead, you might go the "actual expense" route, which involves factoring in depreciation. This option may be better suited to Truck or SUV owners, as well as those leasing or electric car owners. Bottom line: too many small business owner don't take advantage of this deduction and leave dollars on the table as a result. Here is a basic explanation of your options and should open the door for a strategic conversation with your tax planner.

For more, visit http://www.markjkohler.com.

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Mark J. Kohler

Entrepreneur Leadership Network® VIP

Author, Attorney and CPA

Mark Kohler, M.PR.A., C.P.A., J.D., is a highly respected Founding and Senior Partner at KKOS Lawyers, specializing in tax, legal, wealth, estate, and asset protection planning. With a reputation as a YouTube personality, best-selling author, and national speaker, Kohler is dedicated to guiding clients through complex legal and financial landscapes to achieve their American Dream. He also serves as the co-founder and Board Member of the Directed IRA Trust Company and has launched the Main Street Certified Tax Advisor Program to train CPAs and Enrolled Agents nationwide. As the co-host of The Main Street Business Podcast and The Directed IRA Podcast, he simplifies intricate topics like legal and tax strategy, asset protection, retirement, investing, and wealth growth. Mark Kohler's commitment to helping entrepreneurs and small business owners attain success and financial security has made him a trusted expert in the field, benefiting countless individuals and businesses in navigating the financial and business world with confidence.

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