How To Reduce Your Tax Bill With Itemized Deductions | Bench Accounting
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How To Reduce Your Tax Bill With Itemized Deductions | Bench Accounting
Here’s what you need to know about itemized deductions, the standard deduction, and how to choose between them when preparing your tax return.
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Owning your vehicle personally vs. in your LLC does NOT determine your tax deduction. Your write-off is based on business use percentage, not whose name is on the title. That said, if you want your LLC to own the vehicle for legal or operational reasons, it can be done. Make sure you understand the mechanics of how to do it correctly and be sure to track your car costs and mileage to ensure you are maximizing your car write-offs. If you want to learn strategies for saving thousands through real
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