Any accountants ? Car as a write off ?

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AdamR

AdamR

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Serious question. I'm Self Employed in the Automotive industry. (LLC with partners) If I buy a car can the car and or parts be used as a write off. It would be used to attract business so I would assume I can write some of it off.
 
Back in the late 90's I restored a 68 Coronet R/T for myself and my accountant wrote off most of it she told me it was advertisment for my business.
 

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Adam, I'd get with my CPA because there is a ton of stuff the self employed can write off that they normally don't think of. (i.e. computers, cell phones, tools, and plenty more). Ask your CPA pointed questions as to what you can, and cannot write off. Just my .02

Bill S.
 
Are you trying to write off the car on your personal return? Are you an employee of the LLC?

If yes to the second question... good luck!

If you are trying to do it through the LLC, you'd have a better chance. The business name likely needs to be prominently displayed somewhere on the vehicle.
 
AdamR said:
Serious question. I'm Self Employed in the Automotive industry. (LLC with partners) If I buy a car can the car and or parts be used as a write off. It would be used to attract business so I would assume I can write some of it off.
Click to expand...

Im not sure you can, unless you actually use it for business. ie, if you ahve a van and did mobile detailing, then yes you could. But just as an advertising medium, I dont think so. But ask an accountant.
 
The business name likely needs to be prominently displayed somewhere on the vehicle.[/QUOTE]

2 magnetic signs for the doors.Thats all i do.
 
Why couldn't he if he displayed it at car shows showing off the work his company performs with business cards. Thats advertisement, It really dosen't have be a car thats used for actual work...
 
Best bet is to talk to your accountant.. I'm sure things are different state to state. Plus the tax laws seem to be tweaked every year.
 
I get a deduction on my taxes for using my Dart as a company car.
The deductions are for normal wear and tear, repairs, and fuel.
Self employed, and drive it to my service call appts.
 
crackedback said:
Are you trying to write off the car on your personal return? Are you an employee of the LLC?
Click to expand...


Thats the tricky part. Because it a small company with partners there no money in the company and we only have to file our income taxes.
 
Joeychgo said:
Im not sure you can, unless you actually use it for business. ie, if you ahve a van and did mobile detailing, then yes you could. But just as an advertising medium, I dont think so. But ask an accountant.
Click to expand...

What you you buy the car for fabo advertising ? :D
 
I just formed a single member LLC to buy a small mini-warehouse complex near my house (bad economy fire sale pricing). Part of the motivation was to gain garage space for myself (that other people will help pay for). I'm about half way through convincing myself to start doing driver quality restos and selling them at common man prices. Since my "articles" say "any and all legal business", I've been thinking of buying a vintage station wagon, painting my business name in a quality logo, parking it in front of the warehouse (like Truly Nolen) and writing that off. My research indicates I could also use it to drive to car shows/swap meets, and write off the mileage as well. I'd suggest keeping detailed mileage records of the business use.

There are some detailed guidelines on the IRS site and the SBA site, as well as others.
 
Write it off as part of your advertising budget in a small business you can write off up to 30 percent of your gross without raising a red flag just make sure you have other advertising as well and the receipts to back it all up
 
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