Mazy_IHB
New member
Hi,
My CPA is away for a couple of days with no backup coverage, so I'm on my own on this and appreciate all opnion:
I'm buying a car for part personal and part business use (a run-of-the-mill SUV at ~$35k). In order to take tax deductions (depreciation and operating costs), will it matter if I buy it under my own name or my business name? I checked my insurance agent and she said the insurance premium won't change much. Are there other extra expenses associated with having a car under business as opposed to individual?
Thanks!
My CPA is away for a couple of days with no backup coverage, so I'm on my own on this and appreciate all opnion:
I'm buying a car for part personal and part business use (a run-of-the-mill SUV at ~$35k). In order to take tax deductions (depreciation and operating costs), will it matter if I buy it under my own name or my business name? I checked my insurance agent and she said the insurance premium won't change much. Are there other extra expenses associated with having a car under business as opposed to individual?
Thanks!