Possible to expense car payments as home based trader?

[qlai]

Being okay with the ethical and moral aspects

Oh, I look to the politicians and large corporations for moral guidance, so no worries there.

 

[newwurldmn]

Oh, I look to the politicians and large corporations for moral guidance, so no worries there.

you should only look at the man in the mirror for guidance.

 

[murray t turtle]

three issues

Getting an accountant to do your taxes with these games
Being okay with an audit
Being okay with the ethical and moral aspects

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Trading in a room not home based would be a mileage write off;
$00.55 per mile with mileage log/ if i remember 2021 right??
ANY CPA will give you an tax estimate on a trade business, say 5 -7+/ pages.
I have written off home based office , but you pay[ home office] gains when you sell the place if i remember right + i usually do.
Roth account helps + Dave Ramsey mentioned back door Roth+ might as well buy or borrow some tax books+ get a CPA Estimate or 5-7 CPA estimates,

 

[murray t turtle]

Oh, I look to the politicians and large corporations for moral guidance, so no worries there.

%%
Good /there are so many more corporations than crooked congressman .
NEVER follow a tax thief like charles rangel, dem; who called tax cutters racists+ was named one of the most 15 corrupt congress[CREW watchdog group]
Personally if my CPA found a way to not pay any tax like AMZN i would pay a bit anyway or at least user fees on ammo which i do

 

[Sprout]

Not sure why you are replying to me with above?

It's not how to write it off, whether it is even possible to.

As tiddywinks put it, if it is used to travel to client etc. Otherwise if someone, like me, has their azz planted in front of their desk trading everyday their own money, why would an auto be needed other than for personal use.

If you became an educator or chartist with public channel, it can be expensed as part of your image (provided that you use it as part of your brand)

 

[Sprout]

Looks like it's a no go unless you need to meet with clients outside your home.

"Business deductions don’t include:
Vehicles. (Traders don’t use autos daily for business.)"

https://greentradertax.com/trader-tax-center/trader-tax-status/trading-business-expenses/

As previously stated, starting a youtube trading channel or subscription service with an image of you and your car (or mentioning your car in streams) in subtle and not-so-subtle ways qualifies.

If it can be trademarked, it can be expensed.

It's somewhat similar to the previous ability to write off meals just by talking about your business during it. Ask your accountant.

 

[murray t turtle]

As previously stated, starting a youtube trading channel or subscription service with an image of you and your car (or mentioning your car in streams) in subtle and not-so-subtle ways qualifies.

If it can be trademarked, it can be expensed.

It's somewhat similar to the previous ability to write off meals just by talking about your business during it. Ask your accountant.

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Plenty of federal tax write offs , because small businesses help economy + job market so much. Common sense applies also \NEVER smart off to an IRS agent = insane.. Be polite.
Auto mileage log or deprec... is crystal clear. And i meant any CPA or thier secretary will give you an average of their fee or per page /$hour.
NEVER settle for the CPA nonsense '' cant give you an estimate, each is different'' 7 different CPAs may in fact\ figure 7 different tax amounts +5- 7 different CPA fee amounts........