Company Car/Truck (by Ryan [NC]) Jul 26, 2010 11:48 AM
Company Car/Truck (by Robert J [CA]) Jul 26, 2010 4:03 PM
Company Car/Truck (by allin [VA]) Jul 27, 2010 9:04 AM
Company Car/Truck (by Virden [OH]) Jul 27, 2010 10:15 AM
Company Car/Truck (by Ryan [NC]) Posted on: Jul 26, 2010 11:48 AM Message:
I wanted to see how everyone else has this structured. I am planning to meet with my CPA to discuss, I just want to be prepared. I have 3 personal properties and a LLC that owns 7. I have a 2006 Nissan Titan SE-Crew that I pretty much never drive, in my own name. I recently bought out a the remaining ownership interest in the LLC. Would love to lower my tax burden. Not interested in filling out mileage forms, I should have been doing this for years of course. Suggestions?
I think the truck is pretty much considered machinary and do not fall under rules that require mileage documentation b/c its payload is over 6000 lbs. I have 6 other personal cars. I considered selling this truck and buying a cheaper one, but its not really that much money, I would have a crappy older truck with unknown maintenanace for not signficantly less, or lease a new truck, but that would cost much more. --207.4.xxx.xx |
Company Car/Truck (by Robert J [CA]) Posted on: Jul 26, 2010 4:03 PM Message:
If you can prove you only use that vehicle for business, then without a mileage log, the IRS will only allow a 80% deduction. I am a contractor/landlord. One of my trucks, a 10 Ton was disallowed 20% because I didn't keep a log to account for every mile, location and client. As far as the IRS was concerened, I used a 10 Ton Dump truck to date women 20% of the time. --98.119.xxx.xx |
Company Car/Truck (by allin [VA]) Posted on: Jul 27, 2010 9:04 AM Message:
Man I bet you could pick up a bunch of women with a dump truck.
I use mileage. If you do it the other way you would need receipts for all the gas bought and any repairs. I don't like the mileage forms and always forget to sign in so if anybody has a solution then let me know. --146.165.xx.xx |
Company Car/Truck (by Virden [OH]) Posted on: Jul 27, 2010 10:15 AM Message:
I like the dump truck idea to pick up women, this could be where tiger went wrong and got caught. I use repairs and gas at 80 on 2 vans and 10 on my family van, accountants who oversee this have never complained, I also take 25 of home office heating, electric and telco because I use about this much footage for office, parts and workshop. --76.241.xxx.xxx |
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