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vehicle as a tax write off?

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vehicle as a tax write off? Empty vehicle as a tax write off?

Post by OC FUN Tue Jan 20, 2009 2:42 pm

We are buying a vehicle that will be used mostly for the buisness. Someone told us that to have it as a tax write off, we have to Register it under the buisness name, is this correct?
OC FUN
OC FUN

Number of posts : 186
Age : 38
Location : Orange County
Registration date : 2008-11-25

http://www.ocfunrentals.com

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Post by Perry Noia Tue Jan 20, 2009 8:36 pm

I don't know exactly how it works in the US, but I'm pretty sure that a lease is easier and cheaper in the long run if it's for business.
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Number of posts : 3523
Age : 44
Location : In my own little world... in Windsor, Ontario
Registration date : 2008-12-12

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Post by Guest Wed Jan 21, 2009 8:26 am

I changed my insurance to "business use" which is WAY cheaper for me than "personal use" AND I changed the registration to "business use" as well... that cost a bit more as they go by gross vehicle weight (a RAV4 is the lowest end of the scale!)

I log my business use, keep mileage records and take odometer readings on Jan 1st. Then my accountant managed to do something with that so that I end up with a very large tax refund!

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