Tax write offs do they amount to anything substantial??

Lee Beaittie

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Tax rateTaxable income bracketTaxes owed
10%$0 to $20,550.10% of taxable income.
12%$20,551 to $83,550.$2,055 plus 12% of the amount over $20,550.
22%$83,551 to $178,150.$9,615 plus 22% of the amount over $83,550.
24%$178,151 to $340,100.$30,427 plus 24% of the amount over $178,150.
32%$340,101 to $431,900.$69,295 plus 32% of the amount over $340,100.
35%$431,901 to $647,850.$98,671 plus 35% of the amount over $431,900.
37%$647,851 or more.$174,253.50 plus 37% of the amount over $647,850.
 

TinkerTanker

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Generally you go "mileage" on an older vehicle, and "actual" on newer vehicles that you won't drive much.

When you're writing off actual, you can write off the payments, interest, depreciation, repairs, fuel, etc.

With mileage it's about 60 some-odd cents a mile, but you also get to deduct the interest on any payments you make. You never, as a business owner (driver), take the standard deduction either. Ever.
 

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