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Daun81 | I am self employed,which one can I write off on my taxes, buying a car or leasing a car? |
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N-2-Motivation
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Both.
also: cell phones, part of the electric if your office is in your home, part of the rent/mortgage if the office is in your home, all supplies, everything business related can be written off.
Check with your tax consultant on any items you are unsure of. |
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Daniel
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Run the numbers with a CPA. Generally leasing allows a higher yearly deduction, but purchasing could allow you a 179 deduction in the year purchased.
So it depends, which is why CPA's are around to help. |
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what?
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either one -- you can only write off the depreciated value of a car, though, so your payments minght not be completely covered.
Also, with either option, the deduction is only available for the milage proportion that is directly work-related. Doesn't sound bad, but for a purchased car, that can be tough in an audit.
Either way, if you will be using the vehicle for personal reasons, make it a company car and include it as part of your compensation package.
But check with a paid tax advisor first, as state regulations can change some of this. |
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spanky_26143
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You can write off either buying or leasing an automobile. |
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Untamed Rose
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i dont know about leasing
but my truck i got the 2 grand for downpayment back
the milage was calulated out some how (keep track how muc you drive each month)
I got 12,000 grand credit for my truck, only paid ten for her thought that was cool! but then i also drive a LOT 37,000 in one year |
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cgspitfire
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You should have a financial counselor or tax adviser since there are different ways to write off a vehicle, leased or bought. You can take mileage, depreciation and a few other things but there are limits in what you can write off and if you're not careful and write it off incorrectly the first year you have the vehicle, you can actually lose money on the deal.
I'd try to explain it better but that's exactly why I have an accountant who deals with this kind of stuff for me! I concentrate of my business and he deals with the tax pains! |
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chaparita
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I think buying a car |
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bigd7315
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leasing a car |
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groverraj
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Yes you can. If you are a corp, you may be subject to MACRS depreciation, unless the vehicel weighs over a certain weight. With a lease, you could write off the whole amount, but unless you keep a log or show you have another personal car for personal use, you will not be able to write off the whole mileage. |
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