Answer: Depends
Explanation: Whether a car is tax deductible for a business depends on how the vehicle is used. If the car is used exclusively for business purposes, it is generally tax deductible. However, if it's used for both personal and business purposes, only the portion used for business can be deducted. The deduction can be claimed using either the standard mileage rate or actual expenses method. Additionally, certain limitations apply depending on the type of vehicle, its use, and applicable tax laws. Proper documentation is essential to substantiate the deduction and ensure compliance with IRS regulations. |
| MG Business Services LLC |
Answer: Depends
Explanation: The percentage of use or mileage is used for personal needs but if only business use then they can depreciate the asset long term. |
| APEX Bookkeeping Plus LLC |
Answer: Most of the time
Explanation: If you have detailed records, and a second car for non-business use, you can often deduct automobile expenses for your business use. |
| Blue Bell Wealth Advisors |
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| ProMatcher |
Answer: Most of the time
Explanation: Vehicles owned by the company can be depreciated and vehicle expenses can be deducted as well. However if you have a lease you can not depreciate the vehicle since you technically do not own the vehicle. |
| Rood Financial Services |
Answer: Depends
Explanation: It depends on the percentage of business use of the car attributable your business |
| Mark S. Powell, ABA- Bookkeeping & Tax Services |
Answer: Most of the time
Explanation: If the car is used for business purpose, and is ordinary and necessary to conduct business, then it is deductible. Learn more at myirstaxrelief.com |
| Mike Habib, EA |
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| ProMatcher |
Answer: Most of the time
Explanation: A car is tax deductible to the business if it is necessary for the business. For example picking up items for inventory and delivering services, etc. |
| MT Gonzalez Accounting Services |
Answer: Depends
Explanation: Depends on if the car was used for majority of the business only and you have a personal vehicle as well. |
| LTX Tax and Business Services |
Answer: Depends
Explanation: If a car is used for business at least 50% of the time then you may be able to deduct the expenses of the car. However, you need to analyze whether it is best to use the actual or the mileage method. |
| JFB Financial Services Inc |
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| ProMatcher |
Answer: Sometimes
Explanation: The car must be leased or owned under the company and is used for business purposes not personal. |
| Tucker & Associates Small Business Accounting LLC |
Answer: Depends
Explanation: Every situation it unique on how you handled things in the past in regards to that asset, new purchases as they occur and how you plan to use the vehicle going forward. |
| Amy Rose Herrick, ChFC |
Answer: Always
Explanation: A business can claim the expense for a company vehicle. |
| Ayesha Tax SERVICE |
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| ProMatcher |
Answer: Depends
Explanation: A car purchased for use in a business has certain tax advantages for the owner, whether that owner is the business or an employee. But before you buy that car, consider the pros and cons of having the company or the employee owning the car. There are tax and other factors to consider in this decision. In this situation we'll look at ownership by a corporation vs. ownership by an employee. |
| Block Small Business |
Answer: Depends
Explanation: The vehicle must be used at least 50% for business use. If a corporation owns it yes, however, a sole proprietor is not separate from the business but business use is deductible on schedule C. |
| Harris Business Solutions |
Answer: Most of the time
Explanation: Depends on how and how much it is used and in what capacity. |
| Strothman and Associates |
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| ProMatcher |
Answer: Most of the time
Explanation: There are a few factors that go with this. Is it titled in the business, how is the business set up, who pays the insurance, what is it used for? All these questions and a few more need to be answered to make sure that the business gets to take the deduction. |
| Your ATP |
Answer: Most of the time
Explanation: DEPENDING ON IF IT IS USED AS PERSONAL IN ADDITION TO BUSINESS |
| AMERICAN TAX AND BUSINESS SERVICES |
Answer: Depends
Explanation: Yes a car can be used for business purposes. But when a car is used for personal purposes then it can't be claimed. |
| Ensisinfo Inc |
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| ProMatcher |
Answer: Always
Explanation: As long as it's in use by the business the vehicle is deductible. |
| BYG Bookkeeping Services |
Answer: Depends
Explanation: Depends on percentage of business use. |
| Sheltra Tax & Accounting, LLC |
Answer: Depends
Explanation: It has to be used exclusively for business purposes in order to be deductible. |
| Dudgeon's Bookkeeping |
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| ProMatcher |
Answer: Most of the time
Explanation: It may depend on the percent of business usage of the vehicle. |
| Rumbold Financial & Tax Advisory |
Answer: Most of the time
Explanation: You are allowed to claim the business use of your vehicle on your business. IRS let's you take actual expenses or the standard mileage deduction. You should track both. Pay for expenses out of the business account and keep a mileage log. |
| Incite Tax and Accounting |
Answer: Sometimes
Explanation: If it is used for a business purpose it is deductible. If there is mileage used for personal reasons, that percentage of use is non-deductible. |
| Goldburd McCone LLP |
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| ProMatcher |