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re: Buying a car under my business
Posted on 11/9/12 at 10:09 am to Poodlebrain
Posted on 11/9/12 at 10:09 am to Poodlebrain
What if you have an LLC and own a building that you rent out, what can you write off? Should I start a new thread for this?
Posted on 11/9/12 at 10:17 am to Sal Minio
Regardless of the business that an automobile is being used for, 100% is never really a good idea to write-off. Hard to argue any car is used 100% for business unless you have another car available for personal use.
Whether it's a rental property or any other self-employed activity, mileage or actual expenses can be taken, whichever is greater. The mileage rate is $.55 as of now. It moves with gas prices and inflation (it's only been going up). Actual expenses should apply a business use percentage to expenses. So if you pay $1,000 a year for auto insurance and use the car 80% for business use, your auto insurance write-off is $800.
That is the right way to do it rather than just paying all expenses out of the business. You can make adjustments at year end so all of it isn't expensed as another alternative.
Whether it's a rental property or any other self-employed activity, mileage or actual expenses can be taken, whichever is greater. The mileage rate is $.55 as of now. It moves with gas prices and inflation (it's only been going up). Actual expenses should apply a business use percentage to expenses. So if you pay $1,000 a year for auto insurance and use the car 80% for business use, your auto insurance write-off is $800.
That is the right way to do it rather than just paying all expenses out of the business. You can make adjustments at year end so all of it isn't expensed as another alternative.
Posted on 11/9/12 at 10:28 am to Sal Minio
quote:
What if you have an LLC and own a building that you rent out, what can you write off? Should I start a new thread for this?
writing off the car purchase is going to be tough... but mileage after that shouldn't be an issue.
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