ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 106: Section 179: Do You Know How to Use It to Lower Your Taxes?

Your vehicle can be one of the most important, and most difficult, deductions to get right as a 1099 earner. Beyond the lease versus buy decision is another layer: the depreciation factor. With that comes a whole slew of considerations most tend to overlook. What car to buy? When to drive it over another vehicle? How often to drive? When is the right time to buy and place the vehicle in service? And of course, when is the right time to sell and what are the repercussions of that sale?

In this episode, we’ll paint broad brushstrokes on Section 179 and bonus depreciation while also honing in on the potential for tax deductions available for ER Docs when purchasing a vehicle.


Topics Discussed:     
  • How quickly used cars are declining inprices.
  • What the Section 179 deduction is.
  • The definition of depreciation.
  • How to time your vehicle purchase.
  • How the weight of your vehicle impacts the depreciation you’re able to claim.
Resources Mentioned:

Tags

planning, financial planning, ER doctor, doctors, finances, retirement, financial freedom

by 
Scott Wisniewski, EA