So say I want to lease a car and deduct it on taxes.... - GoFuckYourself.com

detoxed · 09-07-2006, 07:31 PM

What do I have to do? Simply lease under the business name and deduct it? Drive on my own insurance or insurance through the biz?

Spunky · 09-07-2006, 07:36 PM

Lease under business name and business insurance

tony286 · 09-07-2006, 07:39 PM

You got to do all thru the company

detoxed · 09-07-2006, 07:41 PM

Quote:

Originally Posted by tony404

You got to do all thru the company

Nice, how do you guys handle gas, oil changes? Mix it up on the company account? Gas cards?

WiredGuy · 09-07-2006, 08:39 PM

I purchased the car through the company. I then pay for all gas, insurance, repairs on my personal credit/cash but we keep a log of all driving activities and receipts. At the end of the year, we figure what percentage was used as a business expense and what was personal and cut me a check for the business amount (since everything was paid for on my personal line of credit).
WG

09-07-2006, 08:41 PM

u dont have to do it through biz....u can do it personal and have your biz reimburse you the cost of car, insurance, gas, etc.....

detoxed · 09-07-2006, 08:55 PM

Quote:

Originally Posted by WiredGuy

I purchased the car through the company. I then pay for all gas, insurance, repairs on my personal credit/cash but we keep a log of all driving activities and receipts. At the end of the year, we figure what percentage was used as a business expense and what was personal and cut me a check for the business amount (since everything was paid for on my personal line of credit).
WG

But everything I do in my life is business related. From the breakfast I eat to meeting friends at a bar, it ties into my business in some form or fashion. I am NOT going to write down the mileage every time I get in the car, i can pay cash for gas and not deduct if its that hard

detoxed · 09-07-2006, 08:57 PM

Quote:

Originally Posted by LilBro

u dont have to do it through biz....u can do it personal and have your biz reimburse you the cost of car, insurance, gas, etc.....

and personally deduct my car???

WiredGuy · 09-07-2006, 08:59 PM

Quote:

Originally Posted by detoxed

But everything I do in my life is business related. From the breakfast I eat to meeting friends at a bar, it ties into my business in some form or fashion. I am NOT going to write down the mileage every time I get in the car, i can pay cash for gas and not deduct if its that hard

If you are buying a car that will be used towards a business you need to keep mileage logs. How does the government know the car is 100% used for business? You need proof, just like a receipt, a mileage log will do that.
WG

After Shock Media · 09-07-2006, 08:59 PM

Quote:

Originally Posted by detoxed

But everything I do in my life is business related. From the breakfast I eat to meeting friends at a bar, it ties into my business in some form or fashion. I am NOT going to write down the mileage every time I get in the car, i can pay cash for gas and not deduct if its that hard

If you can not keep the paperwork then dont take the deduction.
Despite the fact that you think everything you do is business related in some way. Your good ole Uncle Sam has much different thoughts and rules.

Personal is personal and business is business. Not to mention leasing is a hell of a lot more difficult tax wise with at home businesses than mileage and usage compensation.

detoxed · 09-07-2006, 09:07 PM

So.. when a company leases a car for its employees, you are telling me those employees write down every mile they drive? I think not. How do they do it?

detoxed · 09-07-2006, 09:09 PM

Quote:

Originally Posted by WiredGuy

If you are buying a car that will be used towards a business you need to keep mileage logs. How does the government know the car is 100% used for business? You need proof, just like a receipt, a mileage log will do that.
WG

So I guess writing (mile #1 to mile #7038 = Business trips) wont work?

WiredGuy · 09-07-2006, 09:31 PM

Quote:

Originally Posted by detoxed

So I guess writing (mile #1 to mile #7038 = Business trips) wont work?

Its more like: Mile X -> Mile Y, Office -> Bank (Deposits). You should be stating the business purpose, start and end milage and which employee did the driving if not you.
WG

After Shock Media · 09-07-2006, 09:35 PM

The little milage books they sell in office supply stores are pretty self explanatory.

detoxed · 09-07-2006, 09:36 PM

I want some more opinions... I know that when a CEO is leased a car by the company that hires him, he does not write down his own fucking mileage on every trip.

PAC Media · 09-07-2006, 09:36 PM

Quote:

Originally Posted by Spunky

Lease under business name and business insurance

And be sure to pay the lease using your company account!

After Shock Media · 09-07-2006, 09:39 PM

Quote:

Originally Posted by detoxed

I want some more opinions... I know that when a CEO is leased a car by the company that hires him, he does not write down his own fucking mileage!

The CEO is also expected to not use it for personal use and if they do they are to write the information down.

CEO's also typically do not work from home, and thus use the car primarly to get to and from work and meetings during the day.

WiredGuy · 09-07-2006, 09:40 PM

Quote:

Originally Posted by detoxed

I want some more opinions... I know that when a CEO is leased a car by the company that hires him, he does not write down his own fucking mileage on every trip.

His secretary does...

If you want some level of comfort, I have a company car and I've been audited and it all passed through and they did request the mileage books...
WG

MaddCaz · 09-07-2006, 09:41 PM

you gotta find a way

Fenris Wolf · 09-07-2006, 10:03 PM

If you use your personal car for business you need to keep track of 4 things.

1. Total Miles
2. Personal Miles
3. Commuter Miles
4. Business Miles

Even if you intend to itemize your yearly costs of the vehicle ie gas receipts, repairs, oil changes, ect you need to be able to detail the percentage of business to personal use of your private vehicle.

detoxed · 09-07-2006, 10:13 PM

Quote:

Originally Posted by After Shock Media

The CEO is also expected to not use it for personal use and if they do they are to write the information down.

CEO's also typically do not work from home, and thus use the car primarly to get to and from work and meetings during the day.

well i dont plan on working from home much longer

09-07-2006, 07:36 PM	#2
Spunky I need a beer Industry Role: Join Date: Jun 2002 Location: ♠ Toiletville ♠ Posts: 133,949	Lease under business name and business insurance __________________ *YOUR INFORMATION HERE*

09-07-2006, 08:39 PM	#5
WiredGuy Pounding Googlebot Industry Role: Join Date: Aug 2002 Location: Canada Posts: 34,496	I purchased the car through the company. I then pay for all gas, insurance, repairs on my personal credit/cash but we keep a log of all driving activities and receipts. At the end of the year, we figure what percentage was used as a business expense and what was personal and cut me a check for the business amount (since everything was paid for on my personal line of credit). WG __________________ I play with Google.

09-07-2006, 09:35 PM	#14
After Shock Media It's coming look busy Join Date: Mar 2001 Location: "Ph'nglui mglw'nafh Cthulhu R'lyeh wgah'nagl fhtagn". Posts: 35,299	The little milage books they sell in office supply stores are pretty self explanatory. __________________ [email protected] ICQ:135982156 AIM: Aftershockmed1a MSN: [email protected]

09-07-2006, 09:41 PM	#19
MaddCaz Confirmed User Join Date: Mar 2006 Location: Illinois Posts: 9,483	you gotta find a way __________________ BigCocks.com - MatureWomen.com - Tranny.com - DrunkGirls.com - TeenGirls.com - MonsterCock.com and many more... Click here to see them all!

09-07-2006, 10:03 PM	#20
Fenris Wolf Confirmed User Industry Role: Join Date: Nov 2005 Posts: 1,041	If you use your personal car for business you need to keep track of 4 things. 1. Total Miles 2. Personal Miles 3. Commuter Miles 4. Business Miles Even if you intend to itemize your yearly costs of the vehicle ie gas receipts, repairs, oil changes, ect you need to be able to detail the percentage of business to personal use of your private vehicle. __________________ Email: fenris_wolf3000 (a t ) yah00 . c 0 m

09-07-2006, 07:31 PM	#1
detoxed vip member Join Date: Jan 2003 Posts: 17,798	So say I want to lease a car and deduct it on taxes.... What do I have to do? Simply lease under the business name and deduct it? Drive on my own insurance or insurance through the biz?

09-07-2006, 07:39 PM	#3
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	You got to do all thru the company

09-07-2006, 08:41 PM	#6
LilBro Guest Posts: n/a	u dont have to do it through biz....u can do it personal and have your biz reimburse you the cost of car, insurance, gas, etc.....

09-07-2006, 09:07 PM	#11
detoxed vip member Join Date: Jan 2003 Posts: 17,798	So.. when a company leases a car for its employees, you are telling me those employees write down every mile they drive? I think not. How do they do it?

09-07-2006, 09:36 PM	#15
detoxed vip member Join Date: Jan 2003 Posts: 17,798	I want some more opinions... I know that when a CEO is leased a car by the company that hires him, he does not write down his own fucking mileage on every trip.