Tax Write Offs - Car?

[paterson3713]

Does anyone here write off their car payment and/or gas/insurance?

For those that work from home it seems tough to come up with a good reason you could write it off. I think most just write off mileage to the bank and stuff, right?

What about stating that your car is your mobile office, so when you go somewhere you have your laptop and cellphone connector for the internet, incase something comes up. This business is 24/7 right?

Do you write your car off? How do you do it?

[paterson3713]

bump

5678

[d00t]

If you can afford a car you can afford an hour with your accountant.

:2cents:

[Sosa]

Why not just lease a car under your company? I do some work outside of my house and write off my mileage right now. My next vehicle will be leased under the company name.

[slapass]

Originally Posted by Sosa

Why not just lease a car under your company? I do some work outside of my house and write off my mileage right now. My next vehicle will be leased under the company name.

Becaue it can get disallowed as an expense if their is no reason to have a company vehicle.

I have looked into this too and I did not find a decent way to write it off.

[Phoenix]

go get an accountant man...they handle this stuff

as far as i know though..we write off payments up to 800 a month(i could be wrong)...gas a certain percentage...repairs.

go get a good CPA

[paterson3713]

Originally Posted by slapass

Becaue it can get disallowed as an expense if their is no reason to have a company vehicle.

I have looked into this too and I did not find a decent way to write it off.

Yeah exactly. You can only write off the mileage for business trips. Us that work at home don't really have a good reason for a company vehicle. But why can't you argue that your car is your mobile office?

I have a meeting with my accountant coming up, so I'm just trying to get some ideas beforehand. Accountants aren't always the most creative guys.

[paterson3713]

Originally Posted by Phoenix

go get an accountant man...they handle this stuff

as far as i know though..we write off payments up to 800 a month(i could be wrong)...gas a certain percentage...repairs.

go get a good CPA

Under what basis though? Do you have a valid reason for being able to write it off? I know people who tried writing it off and didn't have a good reason and when they got audited they were screwed.

[d00t]

The % use for business is the % of the lease payment you can write off from the company. The remaining $$ comes out of your own pocket as a personal expense.

You won't be able to write off 100% as a company expense unless you have a 2nd card for personal use - so don't expect to be able to write off the entire amount.

Go see an accountant

[Pleasurepays]

Originally Posted by paterson3713

Under what basis though? Do you have a valid reason for being able to write it off? I know people who tried writing it off and didn't have a good reason and when they got audited they were screwed.

its hard to believe you are serious.

go ask an accountant.

there are laws and tests to see whether you qualify for something or not. its all black and white. no one here is an accountant.

your ideas like "i'll just say its a mobile office" suggests that you are a danger to yourself and those around you and should be restrained and under observation to keep you from hurting yourself and others. tax authorities and semantics dont mix.

[wedouglas]

Originally Posted by slapass

Becaue it can get disallowed as an expense if their is no reason to have a company vehicle.

I have looked into this too and I did not find a decent way to write it off.

Exactly,and if you try, don't try getting some expensive, weekend sports car lol

[Phoenix]

Originally Posted by paterson3713

Under what basis though? Do you have a valid reason for being able to write it off? I know people who tried writing it off and didn't have a good reason and when they got audited they were screwed.

I need to go see clients on a regular basis...met with people within the industry to keep up a friendly face.

Im in my car most often for business...other then that it just sits there unless i need groceries

[Raven]

my accountant told me to lease and i did.
i have business meetings, travel to and from the airport, driving to get office supplies...it all counts.

every trip to the gym is a business expense....

talk to an accountant. for every tax law, there are loopholes....

[paterson3713]

Originally Posted by Pleasurepays

your ideas like "i'll just say its a mobile office" suggests that you are a danger to yourself and those around you and should be restrained and under observation to keep you from hurting yourself and others. tax authorities and semantics dont mix.

Funny thing is, the idea came from a friend who is a chartered accountant. Maybe him and his 7 years of school should be restrained.

Originally Posted by Raven

my accountant told me to lease and i did.
i have business meetings, travel to and from the airport, driving to get office supplies...it all counts.

every trip to the gym is a business expense....

talk to an accountant. for every tax law, there are loopholes....

Yep exactly, it's not all black & white because you can find loopholes that will benefit you. I do have a meeting with my accountant as I said before. I'm just curious to hear what other people have done to get away with it. I don't want to leave up all the thinking to my accountant, who may miss an oppurtunity.

[Kiwigirl]

Generally in order to write of a company car you need to prove that you have another car that is for personal use only.