Home: Message List - Can I write off the expense of a car?

Re: Can I write off the expense of a car?

25trekker1 — Sun, 02 Mar 2008 21:05:04 GMT

Yes, you certainly can! Just a tip from me, a former income tax preparer, both business and personal tax returns. Start keeping a precise and up-to-date mileage chart book. Be sure to indicate beginning and ending mileage for each car trip as well as the purpose of the trip.

Re: Can I write off the expense of a car?

LUCKIEST — Sun, 11 Nov 2007 05:12:01 GMT

Is the business purchasing the car for you to use?? or are you purchasing the car to be used
for the business, as well as some personal??
Having the company logo on the car is GREAT advertising and marketing.
LUCKIEST

Re: Can I write off the expense of a car?

blueboxer1 — Sun, 11 Nov 2007 03:15:48 GMT

From the IRS Website: http://www.irs.gov/businesses/small/article/0,,id=109807,00.html

Business Use of Your Car

If you use your car in your business, you can deduct car expenses. If you use your car for both business and personal purposes, you must divide your expenses based on actual mileage. Refer to http://www.irs.gov/publications/p463/index.html, Travel, Entertainment, Gift, and Car Expenses. For a list of current and prior year mileage rates see the http://www.irs.gov/taxpros/article/0,,id=156624,00.html.

Can I write off the expense of a car?

teacup — Sun, 11 Nov 2007 00:34:41 GMT

Is a car that is purchased for the business, as well as some personal use considered a tax write-off? How does this work? As more background, the car would have the company logo if that matters.