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05 - Business Operations Management, P&L Control & More

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  #11  
Old 12-06-2007, 03:01 AM
Steve B
 
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Like Huggy said.

The math worked out very easily in my favor for buying it personally and deducting the mileage. I use my van 100% for business and it gets 15 mpg. It was a no-brainer to use the mileage deduction. If you get better gas mileage than that - then it works out even better. If you decide to use the mileage deduction, than you have to buy everything for it from your personal money.
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  #12  
Old 12-06-2007, 11:32 AM
huggytree
 
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dont forget the cheaper car insurance...if no one else drives your car you can just add it to your normal policy for almost nothing...if your business ownes the car then you have to get a seperate policy...
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  #13  
Old 12-06-2007, 06:08 PM
SeattleCPA
 
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What I'm saying (to answer the earlier question) is that this vehicle deduction often is NOT that big a deal, that it is NOT worth screwing around with much...

I think you just do the mileage deal.. or in a corporate setting that you just reimburse people for their business miles. Any time you're obligated to track business use using contemporaneous logs (which is what you're supposed to do) it's not worth the effort in my book.

In the end, you have to lie on your tax return to take the deduction...
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  #14  
Old 12-06-2007, 10:46 PM
sloiredsddsd sloiredsddsd is offline
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I'll do a Financial Analysis in Excel for it for $50.

You answer simple questions about the scenario => I build the model for the financial answer => you get a reasoned-out YES/NO with break even point to change your mind.

I also have a free buy vs lease @:
http://acuityconsulting.us/?page_id=31
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  #15  
Old 09-12-2012, 12:48 PM
adrian_in9@yaho adrian_in9@yaho is offline
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The cost of Automobile repair too have increased very much, and the best way to avoid the Automobile maintenance expenses is to have some knowledge on Automobile maintenance so you can do them by yourself, you have to keep some of basic required accessories and tools that help you address simple task.
wrenches

Last edited by adrian_in9@yaho : 09-13-2012 at 02:58 AM.
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