Hello Mark and Matt. I’m a big fan. I have heard you talk a lot about auto deductions but not this topic. I own a mobile dog grooming business that operates out of our “bus” that travels from client to client. I know that I take this as a write-off because I need this in the pursuit of income. However, my question is, can I take a write-off for my personal vehicle as well as it is used to travel to conventions, get supplies, meet with new clients, etc.? Or am I limited to one auto deduction in my S-Corp? Perhaps setting up a management company and writing off the other vehicle in that entity.
Jon-
I think you can use standard mileage deduction on up to 4 vehicles: https://www.irs.gov/taxtopics/tc510
Covered on our Year-end Open Forum Show on Dec 23. Please check it out for the answer to your question. Thank you! Mark and Mat.
@Mark Kohler called my answer out on the podcast and said “I can’t understand why there would be a limit of four.” I don’t understand it either, but on the IRS page I linked to, it states that if you’re using standard mileage deduction (so not if you use actual expense method),
- You must not operate five or more cars at the same time, as in a fleet operation
I feel publicly called out now and would love a quick follow up to clear my name! 