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Video instructions and help with filling out and completing Fill Form 2220 Mileage

Instructions and Help about Fill Form 2220 Mileage

Divide this text into sentences and correct mistakes: 1. How do I take a tax deduction for driving my car? 2. How do I write off gas I spend on driving for myself employed or contract our business? 3. Amanda here from the business finance coach where I'm simplifying finances and helping you grow yourself employed work into a business. 4. Welcome to the fifth video in this TurboTax entry series, and in this video I'll be explaining the write-off while walking you through it in TurboTax. 5. All right, so let's answer all of your questions about how you take a vehicle expense deduction for your self-employed business for taxes. 6. Now we're on our summary page for everything for this business. 7. We'll scroll down and now we're gonna go into the business vehicle expense. 8. Now I already started adding this vehicle and I'm going to go through it quickly with you and explain this deduction. 9. First, there's some things to know about the vehicle expense deduction. 10. You cannot choose gas for certain trips and write that off. 11. Instead of being able to choose certain expenses, there are two methods for writing off your car expenses. 12. For either method, you have to keep track of your miles that you drive, and then there are two different options for calculating the amount of your vehicle write-off. 13. The first method is called the standard mileage rate method, which is just taking something around 50 cents a mile. 14. It changes a little bit every year times your business miles and then that's the deduction. 15. The second method is the actual expense method. 16. As it sounds, this involves all of your actual expenses for running your vehicle. 17. So, you know, just keep track...