Vehicle as a Business Expense?

[jimbo]

deleted

 

[Pookie]

not doing it but you're not the only one wondering about it.. interested to hear what your accountant says - please follow up!

amanda

 

[prettyBoy]

I'm not an accountant, either, but my understanding is that if you use it exclusively for business, it can be a total deduction.

 

[Manuel P.]

As long as you track your mileage to the T and save all your gas reciepts, repair bills etc you can write it off. Its tricker if you are using the vehicle for personal use some of the time. I do have a vehicle i use exclusively for my espresso business and its no problem for me because its not a vehicle I would want to drive for personal use (big ole gas hog van w/my logo, ph# on it). Last year I wasn't good about tracking mileage though and did not take the write off. You have to have written proof ie mileage diary. Otherwise if you get audited its a problem for you. Go to the irs website and you can find the particulars. I think its .22 per mile but not sure.

 

[Ray E]

Oh and on having the vehicle in your company name, yes, go for it. I have had cars, boats, trailers and rvs in my company name. It helps to build up your assets. Just remember that you are building your company and if you are a sole propieter thats the same as you so you can still use the stuff for loan colateral personal or business.

 

[joebloe]

I thought that if you use it exclusively for business, you don't have to maintain a log. You can use odometer readings.

 

[Susanna M]

See this for more info:http://www.irs.gov/taxtopics/tc510.html