Should a Business Owner Depreciate Their Car or Take a Mileage Deduction?
Release Date: 06/10/2019
7 Things a DecaMillionaire Never Says
DecaMillionaire Decoded
In this episode, we explore the transformative power of language in achieving success with Justin Goodbread. Discover the seven words that DecaMillionaires never say and how altering your vocabulary can shift your mindset and trajectory. This is not just about business strategies; it’s about the profound impact of your words on your future. Learn more about Relentless Value Coaching:
info_outline
Why You're Not executing And What To Do About It
DecaMillionaire Decoded
Discover how to align your vision and faith to overcome the common hurdles that hinder execution in business. Justin shares a powerful five-part framework that focuses on relentless execution, emphasizing that clarity of vision does not eliminate fear but confronts it. Join us as we explore the intersection of faith and vision, and how to harness them for unstoppable business growth. Learn more about Relentless Value Coaching:
info_outline
DecaMillionaire Isn’t a Dream—It’s a Decision
DecaMillionaire Decoded
In this mash-up episode, we explore the journey to achieving true financial freedom with Justin Goodbred, a best-selling author and coach. Discover the powerful strategies and mindset shifts necessary for scaling your business beyond the $10 million mark. Justin shares personal stories, practical advice, and the importance of belief in reaching your goals. Learn more about Relentless Value Coaching:
info_outline
The DecaMillionaire's Secret Weapon
DecaMillionaire Decoded
Discover how silence can become your secret weapon for clarity, creativity, and effective decision-making. Justin shares insights from his interviews with DecaMillionaires, revealing how intentional solitude can lead to profound personal and professional growth. If you're feeling overwhelmed and reactive in your business, tune in to learn how to harness the power of stillness and reflection for lasting success. Learn more about Relentless Value Coaching:
info_outline
From Coach to DecaMillionaire, with Scott Couchenour
DecaMillionaire Decoded
In this episode, we explore the journey to achieving true financial freedom and business growth with Scott Couchenour, a seasoned entrepreneur and fourth quarter strategy coach. Scott shares his personal experiences of overcoming adversity in his family business and provides invaluable insights into the emotional challenges business owners face during transitions. We discuss key strategies for avoiding regret, the importance of a holistic approach to life and business, and how to align your identity beyond your role as a business owner. LinkedIn: Web: Learn more about Relentless Value...
info_outline
Mastery, Mentorship, and the Mission that Drives Me
DecaMillionaire Decoded
Justin explores the real meaning of success and the journey towards becoming a Decamillionaire. Through an enlightening conversation with his son, Justin shares insights on family, mentorship, and the importance of intentionality in both business and personal life. Learn more about Relentless Value Coaching:
info_outline
An Interview with Justin, by His Son Justus
DecaMillionaire Decoded
n this episode, we explore the journey toward achieving a DecaMillionaire status with Justin and his son Justus. Justin shares candid insights on achieving financial freedom, and the importance of family involvement in entrepreneurship. He discusses the mindset shifts necessary for success and the significance of surrounding oneself with influential mentors. Learn more about Relentless Value Coaching:
info_outline
You Are Expensive (And That’s a Good Thing)
DecaMillionaire Decoded
In this episode, Justin Goodbread reveals the true meaning of success and the mindset shifts necessary for achieving real wealth and freedom. He discusses the importance of valuing your services appropriately, the distinction between price and value, and why premium clients are willing to invest in their growth. With practical insights and strategies, Justin shares how to break through the barriers that hold business owners back from scaling their enterprises beyond $10 million. Learn more about Relentless Value Coaching:
info_outline
Raising Entrepreneurs—How Intentional Parenting Shapes DecaMillionaire Futures
DecaMillionaire Decoded
In this episode, we explore the journey to becoming a deca millionaire with Justin Goodbread and his mother Terri, who shares invaluable insights on raising successful children. Together, they discuss the importance of intentional parenting, the mindset needed for success, and the critical decisions that shaped their family's path. Learn more about Relentless Value Coaching:
info_outline
The Unnamed Word in DecaMillionaire Success
DecaMillionaire Decoded
In this episode, we tackle the real meaning of success and the importance of discipline in achieving financial freedom. Join Justin as he shares powerful insights on how to break free from "stinking thinking" and build the habits necessary for scaling your business beyond $10 million. Discover the ten key principles that can help you transition from chaos to clarity and create a life of overflow. Learn more about Relentless Value Coaching:
info_outlineIn episode 163 of Financially Simple, Justin goes over the two methods of claiming tax breaks on your vehicles.
Should you depreciate the value of your vehicle, or take a mileage deduction? Which is best? Justin looks at both options and explains how each is applied, as well as the pros and cons of each, and a few exceptions to the rule.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT/BLOG: BLOG: Standard Mileage vs. Actual Expenses - Which is Better?
TIME INDEX:
00:58 - Should a Business Owner Depreciate Their Car or Take a Mileage Deduction?
01:21 - Standard Mileage Rate vs. Actual Expense Method
03:04 - Standard Mileage Rate
04:12 - 5 Things That You Can’t Do
05:01 - Actual Expense Method
06:03 - Can You Switch Between These Methods?
06:49 - Which is Best For You
08:15 - Guidelines to Choose The Method For Writing Off Business Expenses
11:35 - One Caveat
11:58 - Sign Off
USEFUL LINKS:
Financially Simple on Facebook
Financially Simple: The Ultimate Sale - Get the Book Here!
2022 Federal IRS Mileage Rates
_____________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.