Episode Details

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • Understand the crucial difference between non-deductible commuting from home to work and deductible business transportation between job sites. • The standard mileage rate is a simplified calculation, but items like business-related parking fees and tolls can be deducted separately on top of it. • Your first-year choice matters immensely: using the standard mileage rate preserves future flexibility, while using the actual method with accelerated depreciation locks you in permanently. • If a taxpayer's principal place of business is a qualifying home office, the drive from home to the first client or temporary work location becomes a deductible business expense. • The IRS requires strict, contemporaneous mileage logs; without them, even legitimate vehicle expense deductions will be disallowed on the exam and in practice. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep