Most people know that they can deduct costs related to their work or business when calculating their taxable income. However, specific technical rules govern the deduction for certain expenses. In order to stay within accordance with the IRS, it is essential that you are familiar with these rules so that you can take full advantage without fearing an investigation. In this episode, Evgeni Ivanov will be joining the show to talk specifically about Section 162 of the Internal Revenue Code regarding vehicles, auto deductions, and in what circumstances it is acceptable to expense your vehicle as a business owner or an employee.
Listen in as Evgeni explains why commuting is not a business expense that you can deduct and what actually counts as a business expense. You will learn the importance of speaking to your CPA in order to keep track of expenses, why it is essential to keep documentation of expenses, and what to be aware of as you’re considering your internal finances.
My wife Sarah and I live in Portland, OR, where she is an attending anesthesiologist, and I am a financial planner for anesthesiologists and pain management physicians. I know firsthand the challenges faced by physicians as they try to build a successful career in a clinically demanding specialty, while simultaneously trying to make good financial and career choices. I’m dedicating my practice to serving individuals and families just like us.
