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 |
Answer: Most of the time
Explanation: Generally a car tax is deductible to the extent the vehicle is used for business purposes. This can be determined based upon vehicle mileage or percentage of business use related to the specific automobile. |
| Sponsel CPA Group, LLC |
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| ProMatcher |
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 |
Answer: Most of the time
Explanation: Simply having a business own a car purchased by a business does not make it deductible. The IRS says the expense must be "ordinary and necessary". To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. |
| CPA Tax Advisors, Inc |
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| ProMatcher |
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 |
Answer: Always
Explanation: If the car was purchase/leased by the business and it is 100% for business use, you can deduct 100% of all the expense. Or you can only deduct the % used for business. Also make sure you either deduct actual expense or mileage expense |
| Capstone Financial & Tax Service |
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| ProMatcher |
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 |
Answer: Depends
Explanation: You can deduct some of the costs of your car when you use your car for business. You have two options for deducting your vehicle expenses: standard mileage rate or actual expenses, such as gas, depreciation, etc. In addition, the additional expenses one can deduct: interest on a car loan, parking fees and tolls for business trips, personal property tax you paid when you bought the car (included in registration fee), based on its value. |
| Virtual Ventures LLC |
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| ProMatcher |
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 |
Answer: Most of the time
Explanation: Some automobiles which are owned by a business entity do get used for personal purposes. This practice may occur as a matter of perquisites, or necessity. |
| H. Jackson Business Service, Inc. |
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| ProMatcher |
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 |
Answer: Depends
Explanation: According to the IRS the costs of operating a car, truck or other vehicle in your business are tax deductible. In other words, if a company owns a vehicle and allows employees to use it for business purposes, the costs of its operation are deductible for the business. If you use your own vehicle to perform tasks necessary for your job, the cost of its operation for business purposes is tax deductible on your personal tax return. |
| HERO Employer Services |
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| ProMatcher |
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 |
Answer: Depends
Explanation: Depends on if it is purchased solely for the business or if it is a personal vehicle being used for the business.
If it is used solely for the business, it is advised that it be registered under the business name. |
| Digital Excellence, LLC, Admin +, LLC, Jenny's Basketique, LLC |
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| ProMatcher |
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 |
Answer: Most of the time
Explanation: If you use your car for personal reasons- NO. If you use your car for business, write down the mileage, the service on your car, as well as compare it with your car insurance. You need to figure your car expenses from these items. |
| Burgis Successful Solutions |