This is a question for an accountant. Tax laws change frequently and they are knowledgeable in that field. They would also be able to tell you what else you can write off when it comes to a company car. Good luck!
It depends upon what brand car you are buying? Also it is true that the tax rates changes often. You must take a professional help.
Thanks for reading. I have registered an S Corp in Nov 2012, I am planning to buy a car on Company's name.
How much I can go up to to get full tax exemption? My friend told me it's $25K and I must buy from a dealer, is this correct?
Any special considerations? I am new to S Corp. I have received S Corp status from IRS. Thanks.
I have an income in the company account to buy the car. If I want to use $15K from the account and apply for loan on company for the remaining, is there an issue? What if the car cost is more than the limit (say $25K)? Thanks.