Episode #199

20/20 Money Episode #199 – Can I buy (and expense) a vehicle through my practice (and what’s the long term implication)? A conversation with JR Armstrong, CPA

August 29, 2022

Welcome to this episode of 20/20 Money! My guest on today’s show is JR Armstrong. JR joins me back on the show to talk about a common tax planning strategy that we both see utilized in optometric practices: buying a vehicle through the practice. We cover the basics of what needs to be considered, some of the nuances and limitations of having the practice buy the vehicle, and most importantly ensuring that you understand the big picture of what it means to depreciate property like vehicles in your practice.

As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose, or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.

And with that introduction, I hope you enjoy my conversation with JR Armstrong.

Resources:

May & Company

Episode Transcript

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