Tax write offs do they amount to anything substantial??

This site may earn a commission from merchant affiliate links, including eBay, Amazon, and others.

Lee Beaittie

Sharpshooter
Special Hen
Joined
Jan 28, 2021
Messages
687
Reaction score
993
Location
FAR SE OKC
Married, filing jointly

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

Sharpshooter
Special Hen
Joined
Feb 10, 2022
Messages
1,247
Reaction score
3,221
Location
Edmond
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.
 

Latest posts

Top Bottom