ForumsTaxes and Payroll

Up to All Forums

This Question is Answered

2 "helpful" answers available (4 pts)

3 Replies Last post: Mar 2, 2008 4:05 PM by 25trekker1

Can I write off the expense of a car?

Nov 10, 2007 7:34 PM

teacup 33 posts since
Sep 29, 2007

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.

Tags: taxes, car_leasing, car_purchase Report as inappropriate

blueboxer1 8 posts since
Nov 7, 2007

1. Re: Can I write off the expense of a car? Nov 10, 2007 10:15 PM

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.

Report as inappropriate

LUCKIEST 7,926 posts since
Aug 6, 2007

2. Re: Can I write off the expense of a car? Nov 11, 2007 12:12 AM

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

Report as inappropriate

25trekker1 52 posts since
Feb 11, 2008

3. Re: Can I write off the expense of a car? Mar 2, 2008 4:05 PM

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.

Report as inappropriate

Bank of America, N.A. Member FDIC. Equal Housing Lender

Bank of America is not responsible for user posts and other user content appearing on this website and does not endorse or guarantee the perspectives, the advice, the users, the businesses, or the products or services sold by any users or businesses that appear on this website.

ForumsTaxes and Payroll

This Question is Answered

Can I write off the expense of a car?

Nov 10, 2007 7:34 PM

More Like This

Most Recent Forum Posts

Legend