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I think it would be easiest to take the standard deduction per mile rather than calculating the cost. But if you figure out your energy cost and track energy used each trip I think you can properly document the electricity cost and therefore deduct it as a vehicle expense.
mblakele
FSD Beta (99)
What did your CPA say?
From what little I know, it might be enough to keep a log of your charging sessions, or the kWh used from the car's trip meter. Your actual electricity usage will be a little higher, but it's difficult to record that without a separate meter and that's probably not worthwhile.
How expensive is your electricity? USA average cost is supposed to be around 10 cents/kWh, and you'll probably see something like 3 mi/kWh. That's only about 3 cents/mi, more or less according to how you buy your kWh. What about using the standard 54 cents/mile deduction for business driving? I think you'd have to keep a record of all your business miles with dates and odometer readings — but check that with your CPA.
From what little I know, it might be enough to keep a log of your charging sessions, or the kWh used from the car's trip meter. Your actual electricity usage will be a little higher, but it's difficult to record that without a separate meter and that's probably not worthwhile.
How expensive is your electricity? USA average cost is supposed to be around 10 cents/kWh, and you'll probably see something like 3 mi/kWh. That's only about 3 cents/mi, more or less according to how you buy your kWh. What about using the standard 54 cents/mile deduction for business driving? I think you'd have to keep a record of all your business miles with dates and odometer readings — but check that with your CPA.
considering that charging the car costs around 1/4 of the amount it would cost to fuel an ICE taking the very generous standard deduction could be the wise thing to do.
CarlitoDoc
Member
RAM_Eh
Member
I would get an app for your phone...lots of good ones but I use one called Trip Log. Set it up and forget it...monthly reports an deductions done for you.
NO
getting legal advice, accounting advice, investment advice, tax planning advice on the internet is worth what you pay for it.
if so many of you are running businesses that can sustain writing off the use of a tesla, you should be able to hire professional advisers.
Emotorwerks makes connected home chargers that track your kWh use. EV Charging Products which provide smart grid management.
That might work best for tracking kWh used. You can also have your car set up on a separate meter or sub meter with the electricity company. Then it's even simpler since you will be billed separately for the costs, but it will be more expensive to set up.
That might work best for tracking kWh used. You can also have your car set up on a separate meter or sub meter with the electricity company. Then it's even simpler since you will be billed separately for the costs, but it will be more expensive to set up.
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