vehicle write offs

[superdoo]

anybody give some input as to the best way to do a vehicle through your company?

buy vs lease
pay yourself an allowance or company pay?

hows does the fuel work if you mainly go to and from office?

wanted to compare what my accountant says to some real world experiences.

 

[triple]

You're going to have to pay a percentage of the cost of the vehicle as personal use.

If you lease, you can write off the lease payment. If you buy, the write offs are good to start but lessen as the truck ages.

 

[NapaMatt]

i write my Truck.. and my sled OFF..


MY BIZ..

It's Napa Auto Parts.. So i write them off as Delivery.. Expense.. long as i delivery one part a year on the sled i am in good shape..

As the fuel... too Delivery expense.. HE HE..


my .02

 

[skibreeze]

I use the cents per mile on mine. Works out the best for me as it's been paid for for a while. I get the write off and also get a car bonus based on performance.

 

[milehighassassin]

I wouldn't advice taking anyone's tax advice on here (except for from me!! LOL).

Seriously talk to a tax professional, each case is going to be different on where you should take the write-off from.

Some it is better to lease, other it is better to buy. Sometimes you have to buy a larger (heavier/weight) vehicle to get more of a write off (usually 6k+lbs). You cannot always write off all of the vehicle unless it is used for business exclusively.

 

[slednutz]

As an student studying for my CPA I would definently talk to your accountant like you said he should have the best information for you and should be apply to apply the best standard to how you are going to use your vehicle.