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bcampbe7
12-19-2006, 05:34 PM
Can anyone provide some information on buying a vehicle through a business? My wife owns her own business and when the time comes to buy a newer vehicle, should we buy it through the business or not?

trickskier
12-19-2006, 05:37 PM
It depends on how you have the business setup, C-Corp, LLC, Partnership? I would defer that question to you accountant.

Upper Michigan Prostar190
12-19-2006, 05:42 PM
What he said ^^^^^^ talk to your accountant, and your accountant ONLY! He/she will know what works for YOUR business. I get that all the time with people leasing vs. buying vehicles with a business. I have had accountants advise them both ways, depending on the type of business, and circumstances involved.

TMCNo1
12-19-2006, 05:43 PM
What he said ^^^^^^ talk to your accountant, and your accountant ONLY! He/she will know what works for YOUR business. I get that all the time with people leasing vs. buying vehicles with a business. I have had accountants advise them both ways, depending on the type of business, and circumstances involved.
Very, very true!

Monte
12-19-2006, 05:43 PM
Can anyone provide some information on buying a vehicle through a business? My wife owns her own business and when the time comes to buy a newer vehicle, should we buy it through the business or not?

I'm not an accountant, so all I can tell you about is the insurance part. It helps with the liability side of things if the business incorporated for the vehicle to be owned by the bus. If she hits somebody the most you can loose is the business assets. If it is a sole proprietorship you will acually save $$ by not having a Business AP because you loose all discounts. Multicar, Homeowners, experienced,etc.

bigmac
12-19-2006, 05:48 PM
I agree - go with the accountant. According to mine, there really aren't any significant advantages. The reason to do that is the tax advantage, but IRS closely scrutinizes that these days. They will let you deduct the car as a business expense, but only for the part of its amortized cost/depreciation and verified total annual expense that is used for business, and they absolutely disallow the commute to and from work. She can only deduct the non-personal use and she will be burdened with significant record-keeping.

She would be better off, IMHO, to buy the car herself and pay herself mileage for business use.

bcampbe7
12-19-2006, 10:07 PM
Thanks all! :cool:


She would be better off, IMHO, to buy the car herself and pay herself mileage for business use.


Probably the way to go...

Farmer Ted
12-19-2006, 10:16 PM
Beau,

speaking of business, what do you hear in the field regarding Cyber Command?

BriEOD
12-19-2006, 10:22 PM
I didn't know contractors knew anything about the new MAJCOM. ;)

Farmer Ted
12-19-2006, 10:31 PM
I didn't know contractors knew anything about the new MAJCOM. ;)


it's not a MAJCOM yet, I thought Beau was a network dude, just wanted to hear his perspective on it

the joke around the office is CyberSex Command

sat through a brutal 2 hour MA last week

happy to be PCSing in three weeks....:banana:


color me Mr. Nonkinetic effects.......

Upper Michigan Prostar190
12-19-2006, 10:43 PM
I stayed at a holiday inn express once, and I say to check with your accountant(only if he or she slept at a holiday inn express at some point, if not, get a new accountant.):cool:

8p

BriEOD
12-20-2006, 07:43 PM
it's not a MAJCOM yet, I thought Beau was a network dude, just wanted to hear his perspective on it

the joke around the office is CyberSex Command

sat through a brutal 2 hour MA last week

happy to be PCSing in three weeks....:banana:


color me Mr. Nonkinetic effects.......
Where are you headed?

bcampbe7
12-20-2006, 08:01 PM
Where are you headed?


Hey! Quit jackin' my thread! :D

Farmer, I don't what you are talking about. The sh!t hasn't trickled down to me yet.

BriEOD
12-20-2006, 08:39 PM
Hi Beau...call me tomorrow, or I'll try and call you.