Let’s talk about write offs. Many people choose to be self employed due to the perks of owning your own business - not to create another job or stresses for themselves. In Canada, writing off the mileage on your personal vehicle is a HUGE gain. You’re pretty much converting corporate funds into tax free personal money just by recording the mileage used for business on your personal vehicle. My fiscal year end was just up and I was able to withdraw thousands of dollars from my company due to the
0:20
Let’s talk about write offs. Many people choose to be self employed due to the perks of owning your own business - not to create another job or stresses for themselves. In Canada, writing off the mileage on your personal vehicle is a HUGE gain. You’re pretty much converting corporate funds into tax free personal money just by recording the mileage used for business on your personal vehicle. My fiscal year end was just up and I was able to withdraw thousands of dollars from my company due to the
6.9K viewsJan 28, 2025
FacebookJosephine\tClementine\r\n
Owning your vehicle personally vs. in your LLC does NOT determine your tax deduction. Your write-off is based on business use percentage, not whose name is on the title. That said, if you want your LLC to own the vehicle for legal or operational reasons, it can be done. Make sure you understand the mechanics of how to do it correctly and be sure to track your car costs and mileage to ensure you are maximizing your car write-offs. If you want to learn strategies for saving thousands through real
0:11
Owning your vehicle personally vs. in your LLC does NOT determine your tax deduction. Your write-off is based on business use percentage, not whose name is on the title. That said, if you want your LLC to own the vehicle for legal or operational reasons, it can be done. Make sure you understand the mechanics of how to do it correctly and be sure to track your car costs and mileage to ensure you are maximizing your car write-offs. If you want to learn strategies for saving thousands through real
132.9K views4 months ago
FacebookAmanda Han
How to Write Off Business Expenses
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