tag:blogger.com,1999:blog-2472366353445139162.post8097649993649407731..comments2023-09-29T03:10:20.846-06:00Comments on June Walker: Tax & Financial Advisor to the Self-employed: Deductibility Of A New Truck Or CarJune Walkerhttp://www.blogger.com/profile/06012914777750500466noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-2472366353445139162.post-89101828841667883752010-06-12T09:30:10.734-06:002010-06-12T09:30:10.734-06:00PS to Pattie S
I like your creative thinking!PS to Pattie S<br /><br />I like your creative thinking!June Walkerhttps://www.blogger.com/profile/06012914777750500466noreply@blogger.comtag:blogger.com,1999:blog-2472366353445139162.post-39217631498570261552010-06-12T09:29:31.640-06:002010-06-12T09:29:31.640-06:00Pattie S --
Business use of car must be calculate...Pattie S --<br /><br />Business use of car must be calculated based on how many miles are for business driving vs how many miles are for personal use. <br /><br />Think of it this way: the cost of running your car -- gas, repairs, new tires -- is based on how much the car is used not how long it sits in a parking lot or in your garage.<br /><br />-- JuneJune Walkerhttps://www.blogger.com/profile/06012914777750500466noreply@blogger.comtag:blogger.com,1999:blog-2472366353445139162.post-15221708107408089632010-06-11T14:31:25.433-06:002010-06-11T14:31:25.433-06:00Can the % business use be calculated based on time...Can the % business use be calculated based on time used, other than mileage? I am an independent advertising sales rep and need a nice car to take clients to lunch. When I do lunch, the car is being used appr. 3 hours (over a third of my business day). But since the client is nearby, the actual mileage used is only 5%, as I use this car on weekends for family trips.Pattie Strubhttps://www.blogger.com/profile/05147719924158979256noreply@blogger.comtag:blogger.com,1999:blog-2472366353445139162.post-35788469554930093262008-03-12T19:11:00.000-06:002008-03-12T19:11:00.000-06:00Dear Countrylife,When the actual expense method is...Dear Countrylife,<BR/><BR/>When the actual expense method is used to deduct auto expense the depreciation of the auto is adjusted each year depending on % of business use.<BR/><BR/>-- JuneJune Walkerhttps://www.blogger.com/profile/06012914777750500466noreply@blogger.comtag:blogger.com,1999:blog-2472366353445139162.post-28720087797956386752008-03-12T09:43:00.000-06:002008-03-12T09:43:00.000-06:00What if the car you have wrote off for business, e...What if the car you have wrote off for business, ends up with the second year having more personal miles logged than business miles??countrylifehttps://www.blogger.com/profile/04518589122970375035noreply@blogger.comtag:blogger.com,1999:blog-2472366353445139162.post-8056166965220539202007-01-31T21:05:00.000-07:002007-01-31T21:05:00.000-07:00If your business requires you to wow clients with ...If your business requires you to wow clients with glitter, a new car every year is imperative, and leasing is the better way to go. Leasing versus owning, however, is generally based on how good a deal you can get, with tax consequences secondary. <br /><br />If you lease you may write off the business portion of all vehicle expenses -- as listed above in the "actual expense" method -- including the business portion of the lease payment. <br /><br />If you purchase a vehicle you may deduct the business portion of all expenses. Even if you still owe money on the auto loan, you may also deduct the cost of the car over a period of years -- up to $2,960 in the first year depending on the portion of business use. You may deduct more of the cost in the first year for other types of vehicles.June Walkerhttps://www.blogger.com/profile/06012914777750500466noreply@blogger.comtag:blogger.com,1999:blog-2472366353445139162.post-73010477490264496612007-01-30T23:00:00.000-07:002007-01-30T23:00:00.000-07:00I am wondering whether there are any tax advantage...I am wondering whether there are any tax advantages to leasing, rather than purchasing, a new vehicle. I need a new vehicle and am looking at the best way to do this. I would use the vehicle to transport work-related items, and to travel between my home office and my rented office, and between those and my bookkeeper's office. My understanding was that if the vehicle is leased, one could deduct the whole amount of the lease payment, but if the car is purchased, then only mileage cost (and loan interest, as discussed above) could be deducted. I'm confused. :)Anonymousnoreply@blogger.com