Do any of you guys write off your car lease on your business LLC? I currently have an LLC and looking to lease a vehicle and want to expense it to my business because majority of the things I’ll do with the car will be client related.
I know you can deduct a portion of the vehicles payments as a write off. Do a lot of people do it here?
Yes, you have to keep records in case.
If you use the standard mileage rate for a leased vehicle, the lease payment amount is not deductible. Leased vehicles are not depreciated. Instead, the business portion of the lease payment is deducted. … This income inclusion rule is an attempt to equalize the tax benefits from leasing and owning business vehicles.
Take a look at IRS publication 463. t will tell you everything you ever wanted to know about deducting car expenses leased, purchased or otherwise
I did, but I registered the vehicle in the name of the LLC. I also used the vehicle 100% for business use.
You cant have it both ways.
Either you compensate the LLC for the fair use value of the personal use of a vehicle.
Or the personal use of the vehicle is allocated to you as taxable income from the LLC.
Yes sir absolutely. That’s the tax laws.
I think this is one of the greatest advantages to leasing a vehicle. It’s because you can write if off as a tax expense.
Probably better to discuss this with your accountant.
You can write off monthly lesse payments based on the proportion of business vs personal
If you own a car you can write off the business miles, plus depreciation
Buy a car with a gvwr over 6,000 pounds and let the fun begin. MAGA!
The purpose of this thread is to ask do you guys do it here?
I know the tax laws. I know what I can do regarding leased vehicles.
Corporate auto insurance is far more expensive than personal. If you use your car for business purposes, the business has to carry liability insurance.
You either qualify for the write off, or you don’t. Some businesses write off meals, some travel. How does who writes off certain expenses help you?
It’s a write off for my profession because I use a vehicle a lot to meet clients and go to different work sites. What is your question?
If you know the tax laws and know what you can do regarding leased vehicles, what is your question?
Do people write off business expenses? Well of course they do. Duh. What’s next, do people here drive their cars?
I was just curious on how many people on here did expense it for business. Didn’t think it was too big of a discussion. No need for people to get uptight.