Hi guys,
love the show and services you provide! Last year I used you all to set up my trifecta and I am borderline obsessed with becoming as tax efficient as possible!
my question is about putting advertising on my car. Seems like some companies are legit (wrapify) and basically pay you about $0.20 a mile from what I can tell. However I know that the mileage deduction is about $0.655 per mile which seems like this would be a tax loss right out of the gate?
if I did the driving via my S Corp, could I use something like this to create a tax loss to go against my business income? I would not be ashamed of having an ad on my car but my wife could be another story…
I would love your thoughts on this, have you heard of people utilizing this side hustle to basically pay for gas and get a tax loss?
CCroft