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05-15-2004, 10:55 AM
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#1 |
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Confirmed User
Join Date: Oct 2001
Location: Still lost
Posts: 5,112
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Incorporated Tax Loophole Question.
If I am incorporated in Canada and have an office away from home, and lease a car, what is the maxium $ of the car lease can I put towards the biz annually.
Gonna be shopping for a new car and wanna see how much can be written off as a travel expense. |
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05-15-2004, 11:00 AM
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#2 |
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The one and only!
Industry Role:
Join Date: Nov 2002
Location: Atlanta, GA
Posts: 17,761
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That's a question you should be asking an accountant.
To go with any info you get here isn't smart. You may get the right answers, but you're better off seeing a tax professional.
__________________
Mandy's Playhouse Her First Fat Girl If you're interested in promoting my sites, ICQ me! 178411921 |
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05-15-2004, 11:07 AM
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#3 | |
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Too lazy to set a custom title
Join Date: Feb 2001
Location: Tube Titans, USA
Posts: 11,929
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Quote:
__________________
skype = "adultdatelink" |
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05-15-2004, 11:08 AM
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#4 |
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Confirmed User
Join Date: Oct 2002
Location: Never visits the same thread twice
Posts: 4,099
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good advice
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05-15-2004, 11:10 AM
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#5 |
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Confirmed User
Join Date: Feb 2003
Location: Philly, PA
Posts: 204
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I thought in the US anyway when you make a larger purchase, you right it off over a period of time, say a car, would get written off over a period of 5 years, however I am not sure the percentage, I think when using for "travel," is different then having a tow shop biz, and writing off a tow truck. When for travel you right off gas, and a certain % per mile.
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05-15-2004, 11:21 AM
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#6 |
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Confirmed User
Join Date: Oct 2001
Location: Still lost
Posts: 5,112
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Ya I know that when you buy something you can do that... but leasing is different, you can hahahahaha off more when you lease.
An operating lease is more beneficial for tax min, when compared to a capital lease. Ill ask my accountant... thanx for nothing   |
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