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    2 Replies Latest reply on Sep 12, 2008 9:56 AM by nMoncrief

    Business car

    jesscharb Newbie
      How would I go about buying a car for my business? It would be for personal use also. Any tips?
        • Re: Business car
          Bridge Navigator
          Look into leasing the car through your company. Normally, the lease expense can be classified as a business expense; i.e. tax benefit. Check with your accountant.
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          • Re: Business car
            nMoncrief Adventurer
            I've bought 2 Chevy Avalanches for "business" use - one for me and one for my partner. My CPA suggested those vehicles because, due to their size, they qualified for accelerated depreciation (a benefit that was aimed at getting farmers to buy heavy equipment.) I'm not a farmer, but I took advantage of the offer. We were able to take the first $24,000 (per vehicle) in depreciation during the first year, resulting in a loss (on paper) and reduced tax burden. The vehicles were titled in the business name, so the loans were also in the business name. All use was considered "business use". It was easier than having to keep up with mileage and deduct it from our personal returns. Ask your accountant for his/her opinion.
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