Everything You Need to Know About Car Depreciation | How to Depreciate Your Car on Your Taxes

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Depreciation is a way to measure the declining value of an asset. We all intuitively understand this concept: a Ford Focus purchased in 2014 is less valuable than a Ford Focus purchased in 2018.

But did you know you can write this off on your taxes? If you drive for work, you might be eligible to claim this deduction — and reduce your taxable income.

In this video, we'll show you the two ways you can depreciate your car on your taxes: the standard mileage deduction and the actual expenses method.

TIMESTAMPS

0:00 - Intro
0:49 - What is depreciation?
1:32 - How does the car depreciation tax write-off work?
2:19 - How to depreciate your car for taxes

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MORE ON CAR DEPRECIATION

How to Depreciate Your Car on Your Taxes: https://www.keepertax.com/posts/car-d...

The Ultimate Guide to Car Tax Deductions: https://www.keepertax.com/posts/freel...

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OTHER VIDEOS TO WATCH

Standard Deduction vs Itemizing for Freelancers:    • Standard Deduction vs Itemizing for Self-E...  
Behind on Your Taxes?    • Behind on Your Taxes? | What to Do If You ...  
Tax Write-Offs Explained:    • Tax Write-Offs Explained | Tax Deductions ...  

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COMMON TAX WRITE-OFFS

For delivery drivers: https://www.keepertax.com/tax-write-o...
For real estate agents: https://www.keepertax.com/tax-write-o...
For Lyft and Uber drivers: https://www.keepertax.com/tax-write-o...
For consultants: https://www.keepertax.com/tax-write-o...
And more: https://www.keepertax.com/freelancer-...

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FREE TAX RESOURCES

1099 Tax Calculator: https://www.keepertax.com/1099-tax-ca...
How Much Should I Set Aside for Taxes? https://www.keepertax.com/self-employ...
Quarterly Tax Calculator: https://www.keepertax.com/quarterly-t...
Income Tax Calculator: https://www.keepertax.com/income-tax-...